Rectify the following errors which were detected before preparing the Trial Balance: Purchase book has been overcast by ₹ 1,000.
Rectify the following errors which were detected before preparing the Trial Balance:
(i) Purchase book has been overcast by ₹ 1,000.
(ii) Purchase from Ram ₹ 20,000 has been omitted to be posted to his account.
(iii) Purchase from Shyam ₹ 15,000 has been posted to the debit side of his account.
(iv) Purchase from Ghanshyam ₹ 10,000 has been posted to his account as ₹ 1,000.
(v) Purchase from Sita Ram ₹ 5,000 has been posted to his account as ₹ 50,000.
Anurag Pathak Answered question
Solution:-
(i) The rectification will be made by writing the following words on the credit side of Purchase Account.
“By Overcasting of Purchase Book ———- ₹ 1,000”
(ii) The rectification will be made by writing the following words on the credit side of Ram’s Account:
“By Omission in posting ———– ₹ 20,000”
(iii) The rectification will be made by writing the following words on the credit side of Shyam’s Account:
“By Error in posting to the wrong side ——- ₹ 30,000”
(iv) The rectification will be made by writing the following words on the credit side of Ghanshyam’s Account:
“By lesser amount on the credit side——– ₹ 9,000”
(v) The rectification will be made by writing the following words on the debit side of Sita Ram’s Account:
“To excess amount on the credit side———- ₹ 45,000”
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