How will be the following errors rectified? Purchases Book is overcasted by ₹ 10,000
How will be the following errors rectified?
(i) Purchases Book is overcasted by ₹ 10,000.
(ii) Purchases Return Book is overcasted by ₹ 10,000.
(iii) Purchases Return Book’s balance is carried forward in excess by ₹ 2,000.
(iv) Purchases Book’s balance is carried forward in excess by ₹ 5,000.
Note: The above errors have been identified before the preparation of Trial Balance.
Anurag Pathak Changed status to publish September 28, 2023
Solution:-
i) As the Purchase book is wrongly casted (totaled) more by ₹ 20,000. Thus Purchase book is credited by ₹ 20,000. It will be rectified by giving a note on the credit side of Purchase A/c as under
“By overcasting the purchase book by — ₹ 10,000.
ii) As the Purchase Return book is wrongly casted more by ₹ 5,000. Thus purchase Return book is debited by ₹ 5,000. It will be rectified by giving a note on the debit side of Purchase Return A/c as under
“To overcasting the Purchase Return book by –₹ 10,000.
iii) As the Purchase Return book is wrongly forward excess by ₹ 5,000. Thus Purchase Return book is debited by ₹ 5,000. It will be rectified by giving a note on the debit side of Purchase Return A/c as under
‘By Overcasting the Purchase Return book by —- ₹ 2,000.
iv) As the Purchase book is wrongly carried forward in excess by ₹ 1,000. Thur Purchase Book is credited by ₹ 5,000. It will be rectified by giving a note on the credit side of Purchase A/c as under
“By Overcasting the Purchase Book by —- ₹ 5,000.
Anurag Pathak Changed status to publish March 18, 2024
