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Rectify the following errors : a) Salary paid ₹5,000 was debited to employee’s personal account. b) Rent paid ₹4,000 was posted to landlord’s personal account. c) Goods withdrawn by proprietor for personal use ₹1,000 were debited to sundry expenses account. d) Cash received from Kohli ₹2,000 was posted to Kapur’s account. e) Cash paid to Babu ₹1,500 was posted to Sabu’s account. f) Credit sales to Mohan ₹ 7,000 were not recorded.?
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Rectify the following errors : a) Salary paid ₹5,000 was debited to em...
Rectification of Errors in Accounting
Introduction:
Errors in accounting can occur due to various reasons such as human error, oversight, wrong entries, etc. These errors can lead to incorrect financial statements, misrepresentation of financial information, and loss of credibility in the eyes of stakeholders. Hence, it is important to rectify these errors as soon as they are detected.
Rectification of Errors:
The following errors need to be rectified:
a) Salary paid ₹5,000 was debited to employee’s personal account.
The entry should have been:
Salary A/C Dr. ₹5,000
To Cash/Bank A/C ₹5,000
Rectification entry:
Employee’s personal A/C Dr. ₹5,000
To Salary A/C ₹5,000
b) Rent paid ₹4,000 was posted to landlord’s personal account.
The entry should have been:
Rent A/C Dr. ₹4,000
To Cash/Bank A/C ₹4,000
Rectification entry:
Landlord’s personal A/C Dr. ₹4,000
To Rent A/C ₹4,000
c) Goods withdrawn by proprietor for personal use ₹1,000 were debited to sundry expenses account.
The entry should have been:
Proprietor’s personal A/C Dr. ₹1,000
To Purchases A/C ₹1,000
Rectification entry:
Sundry expenses A/C Dr. ₹1,000
To Proprietor’s personal A/C ₹1,000
d) Cash received from Kohli ₹2,000 was posted to Kapur’s account.
The entry should have been:
Cash/Bank A/C Dr. ₹2,000
To Kohli’s A/C ₹2,000
Rectification entry:
Kapur’s A/C Dr. ₹2,000
To Cash/Bank A/C ₹2,000
e) Cash paid to Babu ₹1,500 was posted to Sabu’s account.
The entry should have been:
Sabu’s A/C Dr. ₹1,500
To Cash/Bank A/C ₹1,500
Rectification entry:
Babu’s A/C Dr. ₹1,500
To Sabu’s A/C ₹1,500
f) Credit sales to Mohan ₹ 7,000 were not recorded.
The entry should have been:
Mohan’s A/C Dr. ₹7,000
To Sales A/C ₹7,000
Rectification entry:
Sales A/C Dr. ₹7,000
To Mohan’s A/C ₹7,000
Conclusion:
Rectification of errors is an important aspect of accounting as it ensures that the financial statements reflect the true and fair view of the company’s financial position. It is important to identify and rectify errors as soon as they are detected to avoid any adverse impact on the company’s reputation and credibility.
Introduction:
Errors in accounting can occur due to various reasons such as human error, oversight, wrong entries, etc. These errors can lead to incorrect financial statements, misrepresentation of financial information, and loss of credibility in the eyes of stakeholders. Hence, it is important to rectify these errors as soon as they are detected.
Rectification of Errors:
The following errors need to be rectified:
a) Salary paid ₹5,000 was debited to employee’s personal account.
The entry should have been:
Salary A/C Dr. ₹5,000
To Cash/Bank A/C ₹5,000
Rectification entry:
Employee’s personal A/C Dr. ₹5,000
To Salary A/C ₹5,000
b) Rent paid ₹4,000 was posted to landlord’s personal account.
The entry should have been:
Rent A/C Dr. ₹4,000
To Cash/Bank A/C ₹4,000
Rectification entry:
Landlord’s personal A/C Dr. ₹4,000
To Rent A/C ₹4,000
c) Goods withdrawn by proprietor for personal use ₹1,000 were debited to sundry expenses account.
The entry should have been:
Proprietor’s personal A/C Dr. ₹1,000
To Purchases A/C ₹1,000
Rectification entry:
Sundry expenses A/C Dr. ₹1,000
To Proprietor’s personal A/C ₹1,000
d) Cash received from Kohli ₹2,000 was posted to Kapur’s account.
The entry should have been:
Cash/Bank A/C Dr. ₹2,000
To Kohli’s A/C ₹2,000
Rectification entry:
Kapur’s A/C Dr. ₹2,000
To Cash/Bank A/C ₹2,000
e) Cash paid to Babu ₹1,500 was posted to Sabu’s account.
The entry should have been:
Sabu’s A/C Dr. ₹1,500
To Cash/Bank A/C ₹1,500
Rectification entry:
Babu’s A/C Dr. ₹1,500
To Sabu’s A/C ₹1,500
f) Credit sales to Mohan ₹ 7,000 were not recorded.
The entry should have been:
Mohan’s A/C Dr. ₹7,000
To Sales A/C ₹7,000
Rectification entry:
Sales A/C Dr. ₹7,000
To Mohan’s A/C ₹7,000
Conclusion:
Rectification of errors is an important aspect of accounting as it ensures that the financial statements reflect the true and fair view of the company’s financial position. It is important to identify and rectify errors as soon as they are detected to avoid any adverse impact on the company’s reputation and credibility.
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Rectify the following errors : a) Salary paid ₹5,000 was debited to employee’s personal account. b) Rent paid ₹4,000 was posted to landlord’s personal account. c) Goods withdrawn by proprietor for personal use ₹1,000 were debited to sundry expenses account. d) Cash received from Kohli ₹2,000 was posted to Kapur’s account. e) Cash paid to Babu ₹1,500 was posted to Sabu’s account. f) Credit sales to Mohan ₹ 7,000 were not recorded.?
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Rectify the following errors : a) Salary paid ₹5,000 was debited to employee’s personal account. b) Rent paid ₹4,000 was posted to landlord’s personal account. c) Goods withdrawn by proprietor for personal use ₹1,000 were debited to sundry expenses account. d) Cash received from Kohli ₹2,000 was posted to Kapur’s account. e) Cash paid to Babu ₹1,500 was posted to Sabu’s account. f) Credit sales to Mohan ₹ 7,000 were not recorded.? 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 errors : a) Salary paid ₹5,000 was debited to employee’s personal account. b) Rent paid ₹4,000 was posted to landlord’s personal account. c) Goods withdrawn by proprietor for personal use ₹1,000 were debited to sundry expenses account. d) Cash received from Kohli ₹2,000 was posted to Kapur’s account. e) Cash paid to Babu ₹1,500 was posted to Sabu’s account. f) Credit sales to Mohan ₹ 7,000 were not recorded.? covers all topics & solutions for Class 11 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Rectify the following errors : a) Salary paid ₹5,000 was debited to employee’s personal account. b) Rent paid ₹4,000 was posted to landlord’s personal account. c) Goods withdrawn by proprietor for personal use ₹1,000 were debited to sundry expenses account. d) Cash received from Kohli ₹2,000 was posted to Kapur’s account. e) Cash paid to Babu ₹1,500 was posted to Sabu’s account. f) Credit sales to Mohan ₹ 7,000 were not recorded.?.
Rectify the following errors : a) Salary paid ₹5,000 was debited to employee’s personal account. b) Rent paid ₹4,000 was posted to landlord’s personal account. c) Goods withdrawn by proprietor for personal use ₹1,000 were debited to sundry expenses account. d) Cash received from Kohli ₹2,000 was posted to Kapur’s account. e) Cash paid to Babu ₹1,500 was posted to Sabu’s account. f) Credit sales to Mohan ₹ 7,000 were not recorded.? 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 errors : a) Salary paid ₹5,000 was debited to employee’s personal account. b) Rent paid ₹4,000 was posted to landlord’s personal account. c) Goods withdrawn by proprietor for personal use ₹1,000 were debited to sundry expenses account. d) Cash received from Kohli ₹2,000 was posted to Kapur’s account. e) Cash paid to Babu ₹1,500 was posted to Sabu’s account. f) Credit sales to Mohan ₹ 7,000 were not recorded.? covers all topics & solutions for Class 11 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Rectify the following errors : a) Salary paid ₹5,000 was debited to employee’s personal account. b) Rent paid ₹4,000 was posted to landlord’s personal account. c) Goods withdrawn by proprietor for personal use ₹1,000 were debited to sundry expenses account. d) Cash received from Kohli ₹2,000 was posted to Kapur’s account. e) Cash paid to Babu ₹1,500 was posted to Sabu’s account. f) Credit sales to Mohan ₹ 7,000 were not recorded.?.
Solutions for Rectify the following errors : a) Salary paid ₹5,000 was debited to employee’s personal account. b) Rent paid ₹4,000 was posted to landlord’s personal account. c) Goods withdrawn by proprietor for personal use ₹1,000 were debited to sundry expenses account. d) Cash received from Kohli ₹2,000 was posted to Kapur’s account. e) Cash paid to Babu ₹1,500 was posted to Sabu’s account. f) Credit sales to Mohan ₹ 7,000 were not recorded.? in English & in Hindi are available as part of our courses for Class 11.
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