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Rectify the following:- a) Cheque received from Ravi 2,000 was dishonoured and it has been debited to allowance A/c. b) Goods costing 1,000 withdrawn by the proprietor for personal use were credited to Sales A/c 1,400. c) Goods costing 500 had been returned by Rajesh . It is taken into stock but no entry has been passed . d) Bills Receivable of 21,000 discounted from Bank for 20,000 got dishonored and was debited to Bills Receivable account.?
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Rectify the following:- a) Cheque received from Ravi 2,000 was dishono...
Rectification of Errors
In accounting, errors must be rectified to ensure that the financial statements reflect accurate information. Below are the rectifications for the mentioned entries:
a) Dishonoured Cheque from Ravi
- The cheque received from Ravi amounting to 2,000 was dishonoured but incorrectly debited to the Allowance Account.
- Correct Entry: Debit the Debtors Account (Ravi) and credit the Bank Account for 2,000 instead of debiting the Allowance Account.
b) Goods Withdrawn by Proprietor
- The proprietor withdrew goods worth 1,000 for personal use but credited the Sales Account with 1,400.
- Correct Entry:
- Debit the Drawings Account with the cost of goods (1,000).
- Credit the Purchases or Inventory Account with the same amount (1,000) instead of Sales.
c) Goods Returned by Rajesh
- Goods costing 500 returned by Rajesh were taken into stock, but no accounting entry was made.
- Correct Entry:
- Debit the Inventory (Stock) Account for 500.
- Credit the Debtors Account (Rajesh) for 500 to reflect the return.
d) Dishonoured Bills Receivable
- Bills Receivable of 21,000 discounted for 20,000 were dishonoured and incorrectly debited to the Bills Receivable account.
- Correct Entry:
- Debit the Bank Charges or Loss on Dishonour Account for the difference (1,000).
- Credit the Bills Receivable Account for the full amount of 21,000 to reflect the dishonour correctly.
Ensuring these rectifications are made will help in presenting an accurate financial position of the entity.
In accounting, errors must be rectified to ensure that the financial statements reflect accurate information. Below are the rectifications for the mentioned entries:
a) Dishonoured Cheque from Ravi
- The cheque received from Ravi amounting to 2,000 was dishonoured but incorrectly debited to the Allowance Account.
- Correct Entry: Debit the Debtors Account (Ravi) and credit the Bank Account for 2,000 instead of debiting the Allowance Account.
b) Goods Withdrawn by Proprietor
- The proprietor withdrew goods worth 1,000 for personal use but credited the Sales Account with 1,400.
- Correct Entry:
- Debit the Drawings Account with the cost of goods (1,000).
- Credit the Purchases or Inventory Account with the same amount (1,000) instead of Sales.
c) Goods Returned by Rajesh
- Goods costing 500 returned by Rajesh were taken into stock, but no accounting entry was made.
- Correct Entry:
- Debit the Inventory (Stock) Account for 500.
- Credit the Debtors Account (Rajesh) for 500 to reflect the return.
d) Dishonoured Bills Receivable
- Bills Receivable of 21,000 discounted for 20,000 were dishonoured and incorrectly debited to the Bills Receivable account.
- Correct Entry:
- Debit the Bank Charges or Loss on Dishonour Account for the difference (1,000).
- Credit the Bills Receivable Account for the full amount of 21,000 to reflect the dishonour correctly.
Ensuring these rectifications are made will help in presenting an accurate financial position of the entity.
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Rectify the following:- a) Cheque received from Ravi 2,000 was dishonoured and it has been debited to allowance A/c. b) Goods costing 1,000 withdrawn by the proprietor for personal use were credited to Sales A/c 1,400. c) Goods costing 500 had been returned by Rajesh . It is taken into stock but no entry has been passed . d) Bills Receivable of 21,000 discounted from Bank for 20,000 got dishonored and was debited to Bills Receivable account.?
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Rectify the following:- a) Cheque received from Ravi 2,000 was dishonoured and it has been debited to allowance A/c. b) Goods costing 1,000 withdrawn by the proprietor for personal use were credited to Sales A/c 1,400. c) Goods costing 500 had been returned by Rajesh . It is taken into stock but no entry has been passed . d) Bills Receivable of 21,000 discounted from Bank for 20,000 got dishonored and was debited to Bills Receivable account.? for Class 11 2024 is part of Class 11 preparation. The Question and answers have been prepared according to the Class 11 exam syllabus. Information about Rectify the following:- a) Cheque received from Ravi 2,000 was dishonoured and it has been debited to allowance A/c. b) Goods costing 1,000 withdrawn by the proprietor for personal use were credited to Sales A/c 1,400. c) Goods costing 500 had been returned by Rajesh . It is taken into stock but no entry has been passed . d) Bills Receivable of 21,000 discounted from Bank for 20,000 got dishonored and was debited to Bills Receivable account.? covers all topics & solutions for Class 11 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Rectify the following:- a) Cheque received from Ravi 2,000 was dishonoured and it has been debited to allowance A/c. b) Goods costing 1,000 withdrawn by the proprietor for personal use were credited to Sales A/c 1,400. c) Goods costing 500 had been returned by Rajesh . It is taken into stock but no entry has been passed . d) Bills Receivable of 21,000 discounted from Bank for 20,000 got dishonored and was debited to Bills Receivable account.?.
Rectify the following:- a) Cheque received from Ravi 2,000 was dishonoured and it has been debited to allowance A/c. b) Goods costing 1,000 withdrawn by the proprietor for personal use were credited to Sales A/c 1,400. c) Goods costing 500 had been returned by Rajesh . It is taken into stock but no entry has been passed . d) Bills Receivable of 21,000 discounted from Bank for 20,000 got dishonored and was debited to Bills Receivable account.? for Class 11 2024 is part of Class 11 preparation. The Question and answers have been prepared according to the Class 11 exam syllabus. Information about Rectify the following:- a) Cheque received from Ravi 2,000 was dishonoured and it has been debited to allowance A/c. b) Goods costing 1,000 withdrawn by the proprietor for personal use were credited to Sales A/c 1,400. c) Goods costing 500 had been returned by Rajesh . It is taken into stock but no entry has been passed . d) Bills Receivable of 21,000 discounted from Bank for 20,000 got dishonored and was debited to Bills Receivable account.? covers all topics & solutions for Class 11 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Rectify the following:- a) Cheque received from Ravi 2,000 was dishonoured and it has been debited to allowance A/c. b) Goods costing 1,000 withdrawn by the proprietor for personal use were credited to Sales A/c 1,400. c) Goods costing 500 had been returned by Rajesh . It is taken into stock but no entry has been passed . d) Bills Receivable of 21,000 discounted from Bank for 20,000 got dishonored and was debited to Bills Receivable account.?.
Solutions for Rectify the following:- a) Cheque received from Ravi 2,000 was dishonoured and it has been debited to allowance A/c. b) Goods costing 1,000 withdrawn by the proprietor for personal use were credited to Sales A/c 1,400. c) Goods costing 500 had been returned by Rajesh . It is taken into stock but no entry has been passed . d) Bills Receivable of 21,000 discounted from Bank for 20,000 got dishonored and was debited to Bills Receivable account.? in English & in Hindi are available as part of our courses for Class 11.
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Rectify the following:- a) Cheque received from Ravi 2,000 was dishonoured and it has been debited to allowance A/c. b) Goods costing 1,000 withdrawn by the proprietor for personal use were credited to Sales A/c 1,400. c) Goods costing 500 had been returned by Rajesh . It is taken into stock but no entry has been passed . d) Bills Receivable of 21,000 discounted from Bank for 20,000 got dishonored and was debited to Bills Receivable account.?, a detailed solution for Rectify the following:- a) Cheque received from Ravi 2,000 was dishonoured and it has been debited to allowance A/c. b) Goods costing 1,000 withdrawn by the proprietor for personal use were credited to Sales A/c 1,400. c) Goods costing 500 had been returned by Rajesh . It is taken into stock but no entry has been passed . d) Bills Receivable of 21,000 discounted from Bank for 20,000 got dishonored and was debited to Bills Receivable account.? has been provided alongside types of Rectify the following:- a) Cheque received from Ravi 2,000 was dishonoured and it has been debited to allowance A/c. b) Goods costing 1,000 withdrawn by the proprietor for personal use were credited to Sales A/c 1,400. c) Goods costing 500 had been returned by Rajesh . It is taken into stock but no entry has been passed . d) Bills Receivable of 21,000 discounted from Bank for 20,000 got dishonored and was debited to Bills Receivable account.? theory, EduRev gives you an
ample number of questions to practice Rectify the following:- a) Cheque received from Ravi 2,000 was dishonoured and it has been debited to allowance A/c. b) Goods costing 1,000 withdrawn by the proprietor for personal use were credited to Sales A/c 1,400. c) Goods costing 500 had been returned by Rajesh . It is taken into stock but no entry has been passed . d) Bills Receivable of 21,000 discounted from Bank for 20,000 got dishonored and was debited to Bills Receivable account.? tests, examples and also practice Class 11 tests.
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