ITS URGENT... PLZ help me by giving correct entry and wrong entry as well....
Rectify the following errors:
1. Cash sales to Suresh Rs.1000 has been recorded in sales book.
2. Purchase of goods worth Rs. 800 from Vineet on credit basis has been recorded in cash book.
3. A cheque for Rs.100 received from Hari had been dishonoured and had been posted to the debit of sales returns account.
Plz help me....
1- Correct entry- Cash To Sales
Incorrect entry- Suresh To Sales
Rectified entry- Cash To Suresh
2- Correct entry – Purchases To Vineet
Incorrect entry- Purchases To Cash
Rectified entry- Cash To Vineet
3- 3- Correct entry – Hari To Bank
Incorrect posting– here the error is in posting as they say it has been posted(debit) in sales returns a/c. in such a case it is assumed that there that the other part(here the credit) is correctly posted. Instead of Hari , Sales returns has been debited
Rectified entry-Hari To Sales Returns