Commerce Exam  >  Commerce Questions  >  Rectify the following errors: i. Rs. 350 paid... Start Learning for Free
Rectify the following errors: i. Rs. 350 paid for carriage on sale of goods was credited to carriage inward account when posted from the cash book. ii. Goods amounting to Rs. 660 sold to W, were correctly entered in the Sales Book but posted to W’s account as Rs. 760. The total sales for the month were overcast by Rs. 1,000. iii. Goods worth Rs. 130 returned by G, were entered in the Sales Book and posted therefrom to the credit of G’s personal account.?
Most Upvoted Answer
Rectify the following errors: i. Rs. 350 paid for carriage on sale of ...
Rectification of Errors in Accounting

I. Error in Crediting Carriage on Sale of Goods:
- The error made was that Rs. 350 paid for carriage on sale of goods was credited to carriage inward account when posted from the cash book.
- The correction required is to debit carriage outward account and credit carriage inward account.
- The journal entry to rectify the error will be:
- Debit Carriage Outward Account: Rs. 350
- Credit Carriage Inward Account: Rs. 350

II. Error in Sales and Posting to W’s Account:
- The error made was that goods amounting to Rs. 660 sold to W, were correctly entered in the Sales Book but posted to W’s account as Rs. 760.
- The correction required is to credit W’s account with Rs. 100 and debit sales account with Rs. 1000.
- The journal entry to rectify the error will be:
- Debit Sales Account: Rs. 1000
- Credit W’s Account: Rs. 760
- Credit Suspense Account: Rs. 240

III. Error in Recording Return of Goods:
- The error made was that goods worth Rs. 130 returned by G, were entered in the Sales Book and posted therefrom to the credit of G’s personal account.
- The correction required is to debit G’s personal account and credit sales return account.
- The journal entry to rectify the error will be:
- Debit Sales Return Account: Rs. 130
- Credit G’s Personal Account: Rs. 130

In conclusion, it is important to rectify errors in accounting to ensure accurate financial records. Rectifying errors involves identifying the mistake, determining the correction required, and making the necessary journal entries to correct the mistake.
Attention Commerce Students!
To make sure you are not studying endlessly, EduRev has designed Commerce study material, with Structured Courses, Videos, & Test Series. Plus get personalized analysis, doubt solving and improvement plans to achieve a great score in Commerce.
Explore Courses for Commerce exam

Top Courses for Commerce

Rectify the following errors: i. Rs. 350 paid for carriage on sale of goods was credited to carriage inward account when posted from the cash book. ii. Goods amounting to Rs. 660 sold to W, were correctly entered in the Sales Book but posted to W’s account as Rs. 760. The total sales for the month were overcast by Rs. 1,000. iii. Goods worth Rs. 130 returned by G, were entered in the Sales Book and posted therefrom to the credit of G’s personal account.?
Question Description
Rectify the following errors: i. Rs. 350 paid for carriage on sale of goods was credited to carriage inward account when posted from the cash book. ii. Goods amounting to Rs. 660 sold to W, were correctly entered in the Sales Book but posted to W’s account as Rs. 760. The total sales for the month were overcast by Rs. 1,000. iii. Goods worth Rs. 130 returned by G, were entered in the Sales Book and posted therefrom to the credit of G’s personal account.? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Rectify the following errors: i. Rs. 350 paid for carriage on sale of goods was credited to carriage inward account when posted from the cash book. ii. Goods amounting to Rs. 660 sold to W, were correctly entered in the Sales Book but posted to W’s account as Rs. 760. The total sales for the month were overcast by Rs. 1,000. iii. Goods worth Rs. 130 returned by G, were entered in the Sales Book and posted therefrom to the credit of G’s personal account.? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Rectify the following errors: i. Rs. 350 paid for carriage on sale of goods was credited to carriage inward account when posted from the cash book. ii. Goods amounting to Rs. 660 sold to W, were correctly entered in the Sales Book but posted to W’s account as Rs. 760. The total sales for the month were overcast by Rs. 1,000. iii. Goods worth Rs. 130 returned by G, were entered in the Sales Book and posted therefrom to the credit of G’s personal account.?.
Solutions for Rectify the following errors: i. Rs. 350 paid for carriage on sale of goods was credited to carriage inward account when posted from the cash book. ii. Goods amounting to Rs. 660 sold to W, were correctly entered in the Sales Book but posted to W’s account as Rs. 760. The total sales for the month were overcast by Rs. 1,000. iii. Goods worth Rs. 130 returned by G, were entered in the Sales Book and posted therefrom to the credit of G’s personal account.? in English & in Hindi are available as part of our courses for Commerce. Download more important topics, notes, lectures and mock test series for Commerce Exam by signing up for free.
Here you can find the meaning of Rectify the following errors: i. Rs. 350 paid for carriage on sale of goods was credited to carriage inward account when posted from the cash book. ii. Goods amounting to Rs. 660 sold to W, were correctly entered in the Sales Book but posted to W’s account as Rs. 760. The total sales for the month were overcast by Rs. 1,000. iii. Goods worth Rs. 130 returned by G, were entered in the Sales Book and posted therefrom to the credit of G’s personal account.? defined & explained in the simplest way possible. Besides giving the explanation of Rectify the following errors: i. Rs. 350 paid for carriage on sale of goods was credited to carriage inward account when posted from the cash book. ii. Goods amounting to Rs. 660 sold to W, were correctly entered in the Sales Book but posted to W’s account as Rs. 760. The total sales for the month were overcast by Rs. 1,000. iii. Goods worth Rs. 130 returned by G, were entered in the Sales Book and posted therefrom to the credit of G’s personal account.?, a detailed solution for Rectify the following errors: i. Rs. 350 paid for carriage on sale of goods was credited to carriage inward account when posted from the cash book. ii. Goods amounting to Rs. 660 sold to W, were correctly entered in the Sales Book but posted to W’s account as Rs. 760. The total sales for the month were overcast by Rs. 1,000. iii. Goods worth Rs. 130 returned by G, were entered in the Sales Book and posted therefrom to the credit of G’s personal account.? has been provided alongside types of Rectify the following errors: i. Rs. 350 paid for carriage on sale of goods was credited to carriage inward account when posted from the cash book. ii. Goods amounting to Rs. 660 sold to W, were correctly entered in the Sales Book but posted to W’s account as Rs. 760. The total sales for the month were overcast by Rs. 1,000. iii. Goods worth Rs. 130 returned by G, were entered in the Sales Book and posted therefrom to the credit of G’s personal account.? theory, EduRev gives you an ample number of questions to practice Rectify the following errors: i. Rs. 350 paid for carriage on sale of goods was credited to carriage inward account when posted from the cash book. ii. Goods amounting to Rs. 660 sold to W, were correctly entered in the Sales Book but posted to W’s account as Rs. 760. The total sales for the month were overcast by Rs. 1,000. iii. Goods worth Rs. 130 returned by G, were entered in the Sales Book and posted therefrom to the credit of G’s personal account.? tests, examples and also practice Commerce tests.
Explore Courses for Commerce exam

Top Courses for Commerce

Explore Courses
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
10M+ students study on EduRev