CA Foundation Exam > CA Foundation Questions > Rectifying the error of a credit purchase of ...
Start Learning for Free
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?
| FREE This question is part of | Download PDF Attempt this Test |
Most Upvoted Answer
Rectifying the error of a credit purchase of goods worth Rs. 10,000 re...
Rectification of Credit Purchase Recorded as Credit Sale
Journal proper (General journal) is used to rectify errors in accounting records. The rectification of credit purchase of goods worth Rs. 10,000 recorded as credit sale to Mr. D is done as follows:
a) Journal Proper:
Date | Particulars | L.F. | Debit | Credit
--- | --- | --- | --- | ---
[Date of rectification] | Mr. D A/c | Dr. | 10,000 |
| To Purchase A/c | | | 10,000 |
Explanation: In this entry, we debit Mr. D's account with Rs. 10,000 to reduce the amount due from him for the credit sale of goods. At the same time, we credit Purchase account with Rs. 10,000 to rectify the error of recording the credit purchase as a credit sale.
b) Sales Book:
The sales book is not relevant in this case as the transaction was a credit purchase recorded as a credit sale.
c) Cash Book:
The cash book is not relevant in this case as the transaction was a credit purchase recorded as a credit sale.
d) Purchase Book:
The purchase book is relevant in this case as the transaction was a credit purchase. However, since the error has been rectified through the journal entry mentioned above, there is no need to make any entry in the purchase book.
Conclusion:
The rectification of the error of a credit purchase of goods worth Rs. 10,000 recorded as a credit sale to Mr. D is done through a journal entry in the journal proper. The entry debits Mr. D's account and credits the Purchase account. The sales book and cash book are not relevant in this case, and there is no need to make any entry in the purchase book.
Journal proper (General journal) is used to rectify errors in accounting records. The rectification of credit purchase of goods worth Rs. 10,000 recorded as credit sale to Mr. D is done as follows:
a) Journal Proper:
Date | Particulars | L.F. | Debit | Credit
--- | --- | --- | --- | ---
[Date of rectification] | Mr. D A/c | Dr. | 10,000 |
| To Purchase A/c | | | 10,000 |
Explanation: In this entry, we debit Mr. D's account with Rs. 10,000 to reduce the amount due from him for the credit sale of goods. At the same time, we credit Purchase account with Rs. 10,000 to rectify the error of recording the credit purchase as a credit sale.
b) Sales Book:
The sales book is not relevant in this case as the transaction was a credit purchase recorded as a credit sale.
c) Cash Book:
The cash book is not relevant in this case as the transaction was a credit purchase recorded as a credit sale.
d) Purchase Book:
The purchase book is relevant in this case as the transaction was a credit purchase. However, since the error has been rectified through the journal entry mentioned above, there is no need to make any entry in the purchase book.
Conclusion:
The rectification of the error of a credit purchase of goods worth Rs. 10,000 recorded as a credit sale to Mr. D is done through a journal entry in the journal proper. The entry debits Mr. D's account and credits the Purchase account. The sales book and cash book are not relevant in this case, and there is no need to make any entry in the purchase book.
Free Test
FREE
| Start Free Test |
Community Answer
Rectifying the error of a credit purchase of goods worth Rs. 10,000 re...
In cash book only cash related transactions are recorded
then in sales book only credit sales are recorded and in purchase book credit purchases.
the rectification entry is
purchases a/c. dr
to salesa/c
the above rectification entry is not related to any of the three books so it is recorded in the journal proper
in journal proper we record those transactions which does not fall under
a) cash book
b) purchase book
C) sales book
d) bills receivable book
e) biils payable book
f) purchase returns book and
g) sales return book
then in sales book only credit sales are recorded and in purchase book credit purchases.
the rectification entry is
purchases a/c. dr
to salesa/c
the above rectification entry is not related to any of the three books so it is recorded in the journal proper
in journal proper we record those transactions which does not fall under
a) cash book
b) purchase book
C) sales book
d) bills receivable book
e) biils payable book
f) purchase returns book and
g) sales return book
Attention CA Foundation Students!
To make sure you are not studying endlessly, EduRev has designed CA Foundation study material, with Structured Courses, Videos, & Test Series. Plus get personalized analysis, doubt solving and improvement plans to achieve a great score in CA Foundation.
|
Explore Courses for CA Foundation exam
|
|
Similar CA Foundation Doubts
Top Courses for CA FoundationView all
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?
Question Description
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 CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about 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 CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for 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?.
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 CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about 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 CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for 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?.
Solutions for 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 English & in Hindi are available as part of our courses for CA Foundation.
Download more important topics, notes, lectures and mock test series for CA Foundation Exam by signing up for free.
Here you can find the meaning of 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? defined & explained in the simplest way possible. Besides giving the explanation of
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?, a detailed solution for 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? has been provided alongside types of 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? theory, EduRev gives you an
ample number of questions to practice 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? tests, examples and also practice CA Foundation tests.
|
|
Explore Courses for CA Foundation exam
|
|
Suggested Free Tests
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
|
© EduRev
|
Education Revolution
|
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup