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Rectify

Accountancy

Purchase of furniture on credit from Nigam for 3000 posted to Shubham as 300

Aman Mahajan

CA Final

★ 19K+

08-Dec-20 15:55

831

Answers (10)

Best Answer

Wrong entry- furniture a/c dr. 300 To subham a/c 300 Right entry- Furniture a/c dr. 3000 To niham a/c 3000 Rectified entry- Furniture a/c dr. 2700 Subham a/c dr. 300 To nigham 3000

aishwariya P

CA Inter

★ 180

08-Dec-20 23:28

Furniture a/c dr. 2700 Subham a/c dr. 300 To niham a/c 3000

aishwariya P

CA Inter

★ 180

08-Dec-20 17:37

aishwariya P

Furniture a/c dr. 2700 Subham a/c dr. 300 To niham a/c 3000

Shouldn't suspense account be debited instead of Furniture account as the error has only been in shubham and night's account?

Thread Starter

Aman Mahajan

CA Final

★ 19K+

08-Dec-20 20:33

I also think the same suspense ac should be debited

Ram Shete

CA Inter

★ 2K+

08-Dec-20 21:04

Thread Starter

Aman Mahajan

Shouldn't suspense account be debited instead of Furniture account as the error has only been in shubham and night's account?

Only â?¹300 is debited to Furniture A/C initially so we've to debit â?¹2,700 to get the correct debit amount of â?¹3,000.

Veeresh Kumar Poliki

CA Inter

★ 8K+

08-Dec-20 21:21

Veeresh Kumar Poliki

Only â?¹300 is debited to Furniture A/C initially so we've to debit â?¹2,700 to get the correct debit amount of â?¹3,000.

Isn't the posting wrong only in Shubham's account. Nothing is said about error in furniture account. Thoughts?

Thread Starter

Aman Mahajan

CA Final

★ 19K+

08-Dec-20 23:10

Thread Starter

Aman Mahajan

Isn't the posting wrong only in Shubham's account. Nothing is said about error in furniture account. Thoughts?

They also didn't said error only in subham a/c ri8?

aishwariya P

CA Inter

★ 180

08-Dec-20 23:16

aishwariya P

Wrong entry- furniture a/c dr. 300 To subham a/c 300 Right entry- Furniture a/c dr. 3000 To niham a/c 3000 Rectified entry- Furniture a/c dr. 2700 Subham a/c dr. 300 To nigham 3000

Correct

Madhan Chowdary

CA Foundation

★ 5

09-Dec-20 14:44

Here the error had been done while posting so why furniture a/c will be debited. Please someone explain me I'm not getting the point exactly.

Anshu Kumar

CA Foundation

★ 0

08-Mar-22 11:41

Anshu Kumar

Here the error had been done while posting so why furniture a/c will be debited. Please someone explain me I'm not getting the point exactly.

While posting for the 1st time...they only debited 300 for furniture. But the value of furniture is 3000 so we have to debit 2700. Then only furniture a/c will be in correct value...