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Rectification of Errors
Accountancy
Question no. 18 bit (iii) Am I right in the Journal for Rectification of errors ? Please verify.
Answers (7)
Vignesh Psv
Purchase return a/c Dr. 5000 Sales return a/c. 5000 To cash a/c. 10,000
It's not cash as it is written in subsidiary books. It only records credit transactions Purchase return a/c Dr Sales return a/c. Dr To Suspense a/c
Vignesh Psv
Purchase return a/c Dr. 5000 Sales return a/c. 5000 To cash a/c. 10,000
Last one should be To Customer A/C not Cash
Sugam SM
It's not cash as it is written in subsidiary books. It only records credit transactions Purchase return a/c Dr Sales return a/c. Dr To Suspense a/c
This is customer account as 2 accounts are affected from transactions
Atiya Shaikh
Sales return_dr 5000 Purchase return_dr 5000 To suspense account 10000
Because.... Right entry is Sales return a/c 5000 To customer a/c 5000 Nd Wrong entry is To purchase return dr_5000 To customer a/c 5000
Atiya Shaikh
Sales return_dr 5000 Purchase return_dr 5000 To suspense account 10000
Not a suspense account since both the accounts are affected.