Rectify these 1 Closing stock has been under valued by rs 300 2 Credit purchases frm M Co rs 6000 - Accountancy - Trial Balance and Rectification of Errors

Question

Rectify these
1 Closing stock has been under valued by rs 300
2 Credit purchases frm M Co rs 6000 were recorded in sales book
as rs 2000 nd posted therefrm to the credit of M Co as rs 1000
3 Cash paid to mani rs 5000 against our acceptance was debted to
manu
4 Credit sales to Raman rs 4000 posted to the credit of Raghvan
as rs 1000
Plz rectify them nd explain them also

Manisha Arora · Accepted Answer

Journal Entry

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

1
Closing Stock A/c
Dr

300

To Suspense A/c

300

(Closing Stock undervalued, now
rectified)

2
Purchases A/c
Dr

6,000

Sales A/c
Dr

2,000

To M Co

5,000

To Suspense A/c

3,000

(Credit purchase of Rs 6,000, recorded as
sales of Rs 2,000 and posted to the credit of M Co as Rs 1,000, now
rectified)

2
Bills Payable A/c
Dr

5,000

To Manu

5,000

(Cash paid against acceptance to Mani wax
debited to Manu, now rectified))

4
Raman
Dr

4,000

Raghav

1,000

To Suspense A/c

5,000

(Credit sales to Raman Rs 4,000 was posted
on the credit of Raghav, now rectified)

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

1.	Closing Stock A/c	Dr.		300
	To Suspense A/c				300
	(Closing Stock undervalued, now rectified)

2.	Purchases A/c	Dr.		6,000
	Sales A/c	Dr.		2,000
	To M.Co.				5,000
	To Suspense A/c				3,000
	(Credit purchase of Rs 6,000, recorded as sales of Rs 2,000 and posted to the credit of M. Co. as Rs 1,000, now rectified)

2.	Bills Payable A/c	Dr.		5,000
	To Manu				5,000
	(Cash paid against acceptance to Mani wax debited to Manu, now rectified))

4.	Raman	Dr.		4,000
	Raghav			1,000
	To Suspense A/c				5,000
	(Credit sales to Raman Rs 4,000 was posted on the credit of Raghav, now rectified)