Q Rectify the following errors A) Purchase of chair from Happy Traders for Rs 35 has been entered - Accountancy - Trial Balance and Rectification of Errors

Question

Q Rectify the following errors

A) Purchase of chair from Happy Traders for Rs 35 has been entered
in the Purchases Book as Rs 53

Can you please tell me how to rectify it?! Do I have to make a
suspense account?Does this sentence mean that only in the purchases
book the error has been made?

Manisha Arora · Accepted Answer

↵Raj, for
this error, 
Furniture A/c is debited with Rs 35 (to give effect to earlier
omission), Happy Traders are debited with Rs 18 (as they should
have been credited with Rs 35, however they are credited with Rs 53
so the account of Happy Traders is overcast by Rs 18 Now to rectify
the error they are debited with Rs 18) and Purchase A/c is credited
with Rs 53 (to cancel the effect of wrongly debiting it)

Journal Entry

Date
Particulars
L F
Debit
Amount
( Rs )
Credit
Amount
( Rs )

Correct Entry:

Furniture A/c
Dr

35

To Happy Traders

35

(Car purchased from Happy Traders)

Wrong Entry:

Purchases A/c
Dr

53

To Happy Traders

53

(Car purchased was wrongly recorded in the Purchase Book)

Rectifying Entry:

Furniture A/c
Dr

35

Happy Traders
Dr

18

To Purchases A/c

53

(Car purchased was wrongly recorded in the purchase book, now
rectified)

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Journal Entry
Date	Particulars		L.F.	Debit Amount ( Rs )	Credit Amount ( Rs )

	*Correct Entry:*

	Furniture A/c	Dr.		35
	To Happy Traders				35
	(Car purchased from Happy Traders)

	*Wrong Entry:*

	Purchases A/c	Dr.		53
	To Happy Traders				53
	(Car purchased was wrongly recorded in the Purchase Book)

	*Rectifying Entry:*

	Furniture A/c	Dr.		35
	Happy Traders	Dr.		18
	To Purchases A/c				53
	(Car purchased was wrongly recorded in the purchase book, now rectified)

Q.Rectify the following errors. A) Purchase of chair from Happy Traders for Rs.35 has been entered in the Purchases Book as Rs.53 Can you please tell me how to rectify it?! Do I have to make a suspense account?Does this sentence mean that only in the purchases book the error has been made?

Q.Rectify the following errors.

A) Purchase of chair from Happy Traders for Rs.35 has been entered in the Purchases Book as Rs.53

Can you please tell me how to rectify it?! Do I have to make a suspense account?Does this sentence mean that only in the purchases book the error has been made?