Solution:

Error in Posting

The error occurred when a credit purchase of Rs.175000 was wrongly passed through the sales control ledger. This means that the transaction was recorded as a sale when it was actually a purchase.

Impact on the Accounts

This error has several impacts on the accounts, including:

- Overstating the sales account by Rs.175000
- Understating the purchases account by Rs.175000
- Overstating the accounts receivable by Rs.175000
- Understating the accounts payable by Rs.175000

Correcting the Error

To correct this error, the following steps should be taken:

- Identify the transaction that was wrongly posted.
- Reverse the entry in the sales control ledger by debiting the sales account and crediting the accounts receivable account.
- Post the correct entry in the purchases ledger by debiting the purchases account and crediting the accounts payable account.
- Ensure that the correct balances are reflected in the accounts.

Conclusion

In conclusion, the error in posting a credit purchase of Rs.175000 to the sales control ledger has several impacts on the accounts. It is important to identify and correct such errors promptly to ensure the accuracy of the accounts.