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In which book of original entry, will you record the following transactions?
Q.Rectifying the error of a credit purchase of goods worth Rs. 10,000 recorded as credit sale to Mr. D, discovered two months later.
- a)Journal Proper (General Journal)
- b)Sales Book
- c)Cash Book
- d)Purchase Book
Correct answer is option 'A'. Can you explain this answer?
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In which book of original entry, will you record the following transac...
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To rectify the error of a credit purchase of goods worth Rs. 10,000 recorded as a credit sale to Mr. D, discovered two months later, the transaction would be recorded in the Journal Proper (General Journal). Here is a detailed explanation:
Therefore, the correct book of original entry to record this transaction would be the Journal Proper (General Journal).
To rectify the error of a credit purchase of goods worth Rs. 10,000 recorded as a credit sale to Mr. D, discovered two months later, the transaction would be recorded in the Journal Proper (General Journal). Here is a detailed explanation:
- Journal Proper (General Journal): The Journal Proper is used to record transactions that do not fit into any specific books of original entry. It is used for miscellaneous transactions, including rectifying errors, adjusting entries, and other non-routine transactions.
- Rectifying the error: The transaction in question involves rectifying an error made in recording a credit purchase as a credit sale. This error needs to be corrected, and the appropriate entry needs to be made in the accounts.
- Credit purchase of goods: The original transaction involved a credit purchase of goods worth Rs. 10,000. This means that the company acquired goods on credit from a supplier.
- Recorded as credit sale to Mr. D: However, the transaction was mistakenly recorded as a credit sale to Mr. D, who is not the actual customer in this case.
- Discovered two months later: The error was discovered two months later, indicating that the mistake was not immediately identified.
- Journal entry in Journal Proper: To rectify this error, a journal entry needs to be made in the Journal Proper. The entry would involve debiting the Sales account and crediting the Accounts Payable or Creditors account to reverse the incorrect credit sale entry. Simultaneously, the correct entry should be made in the Purchases account to record the credit purchase of goods.
Therefore, the correct book of original entry to record this transaction would be the Journal Proper (General Journal).
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In which book of original entry, will you record the following transactions?Q.Rectifying the error of a credit purchase of goods worth Rs. 10,000 recorded as credit sale to Mr. D, discovered two months later.a)Journal Proper (General Journal)b)Sales Bookc)Cash Bookd)Purchase BookCorrect answer is option 'A'. Can you explain this answer?
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In which book of original entry, will you record the following transactions?Q.Rectifying the error of a credit purchase of goods worth Rs. 10,000 recorded as credit sale to Mr. D, discovered two months later.a)Journal Proper (General Journal)b)Sales Bookc)Cash Bookd)Purchase BookCorrect answer is option 'A'. Can you explain this answer? for Commerce 2025 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about In which book of original entry, will you record the following transactions?Q.Rectifying the error of a credit purchase of goods worth Rs. 10,000 recorded as credit sale to Mr. D, discovered two months later.a)Journal Proper (General Journal)b)Sales Bookc)Cash Bookd)Purchase BookCorrect answer is option 'A'. Can you explain this answer? covers all topics & solutions for Commerce 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for In which book of original entry, will you record the following transactions?Q.Rectifying the error of a credit purchase of goods worth Rs. 10,000 recorded as credit sale to Mr. D, discovered two months later.a)Journal Proper (General Journal)b)Sales Bookc)Cash Bookd)Purchase BookCorrect answer is option 'A'. Can you explain this answer?.
In which book of original entry, will you record the following transactions?Q.Rectifying the error of a credit purchase of goods worth Rs. 10,000 recorded as credit sale to Mr. D, discovered two months later.a)Journal Proper (General Journal)b)Sales Bookc)Cash Bookd)Purchase BookCorrect answer is option 'A'. Can you explain this answer? for Commerce 2025 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about In which book of original entry, will you record the following transactions?Q.Rectifying the error of a credit purchase of goods worth Rs. 10,000 recorded as credit sale to Mr. D, discovered two months later.a)Journal Proper (General Journal)b)Sales Bookc)Cash Bookd)Purchase BookCorrect answer is option 'A'. Can you explain this answer? covers all topics & solutions for Commerce 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for In which book of original entry, will you record the following transactions?Q.Rectifying the error of a credit purchase of goods worth Rs. 10,000 recorded as credit sale to Mr. D, discovered two months later.a)Journal Proper (General Journal)b)Sales Bookc)Cash Bookd)Purchase BookCorrect answer is option 'A'. Can you explain this answer?.
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