Rectify the following:
i)A sum of Rs.625 written off from fixtures as depreciation has not been posted to the Depreciation Account.

Please explain how to do it.Please give the wrong entry,the correct entry,and the rectified entry.Thanks!

Hi Raj

Correct Entry and correct posting of the given transaction:
 

Depreciation A/c	Dr.		625
To Fixtures A/c				625
(Depreciation written off on fixtures)

 

Depreciation Account
Dr.									Cr.
Date		Particulars	J.F.	Amount (Rs)	Date	Particulars	J.F.	Amount (Rs)
		Fixtures		625

Wrong posting
 

Depreciation Account
Dr.									Cr.
Date		Particulars	J.F.	Amount (Rs)	Date	Particulars	J.F.	Amount (Rs)
		Not Posted

Rectifying Journal entry
 

Depreciation A/c	Dr.		625
To Suspense A/c				625
(Depreciation written off on fixtures, now recorded)

It is assumed that amount of depreciation has been correctly posted to the Fixtures Account, so, it becomes one-sided error. Therefore, we will record depreciation now by debiting depreciation account and crediting suspense account.

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