Question: Rectify the following errors: (i) Credit sales to Mohan 7,000 were recorded as 7,200. (ii) Credit purchases from Rohan 9,000 were recorded

Rectify the following errors:
(i) Credit sales to Mohan ₹ 7,000 were recorded as ₹ 7,200.
(ii) Credit purchases from Rohan ₹ 9,000 were recorded as ₹ 9,900.
(iii) Goods returned to Rakesh ₹ 4,000 were recorded as ₹ 4,040.
(iv) Goods returned from Mahesh ₹ 1,000 were recorded as ₹1,600.

Step by Step Solution

★★★★★

3.32 Rating (152 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

i Credit sales to Mohan 7000 were recorded as 7200 Rectification Debit Mohans account by 200 and cre... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Financial Accounting Questions!

The management of the Dynaco manufacturing plant wants to connect the eight major manufacturing areas of its plant with a forklift route. Because the construction of such a route will take a...

The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-5. Ivan's grandfather died and left a portfolio of municipal bonds. In 2012, they pay Ivan...

Rectify the following errors assuming that suspense account was opened. Ascertain the difference in trial balance. (a) Credit sales to Mohan 7,000 were recorded in Purchase Book. However, Mohans...

Rectify the following errors: (a) Credit Sales to Mohan 7,000 were recorded in purchases book. (b) Credit Purchases from Rohan 9,00 were recorded in sales book. (c) Goods returned to Rakesh 4,000...

Assignment in attachment. Very simple assignment. Question 1 Cost of goods sold is determined only at the end of the accounting period in both a perpetual and a periodic inventory system. neither a...

Answer all questions in this Section. 1. Read the following and answer questions that follow . The following information was taken from Masego Leeros books. 01/01/2015 Started business with P20, 000...

11 Prepare a full accounting system including purchases and sales journals up to the trial balance Yi Ting owns a wholesale business. Her businesss trial balance on 30 April 2014 was as follows:...

Please help me with this question The statement below question 7 is linked to questions 8 that I will post ASSIGNMENT OR UNIQUE NUMBER: 834713 DUE DATE: 20 APRIL 2020 Before you answer the questions...

I need answers for zacks bike hut mid and final evaluations. both are attached, please and thank you for any help Which customer has the largest outstanding balance on June 30 (Identify by customer...

As of June 30, Year 2, the bank statement showed an ending balance of $17,888. The unadjusted Cash account balance was $16,854. The following information is available: 1. Deposit in transit, $2,535....

help needed as soon as possible (b) TWAASANTA a sole trader, has given you the following Trial Balance for adjusting before preparing the Income Statement and Statement of Financial position for the...

Why are an auditees privacy controls relevant to the audit?

Consider that you are 45 years old and have just changed to a new job. You have $150,000 in the retirement plan from your former employer. You can roll that money into the retirement plan of the new...

Which of the following statements is accurate? Older adults tend toward overtydration which resilts in mental lipses and disorientation Clder adults may not feel thinty or recognde drynevs of the...

What is Alibabas ethical responsibility for controlling the sale of counterfeit goods on its websites?

Identify the three items of information necessary to calculate the future value of a single amount.

Janice Dodds opens the mail for the Ajax Plumbing Company. She lists all customer checks on a spreadsheet that includes the name of the customer and the check amount. The checks, along with the...

You have been hired as a consultant by a parts manufacturing firm to provide advice as to the proper accounting methods the company should use in some key areas. In the area of receivables, the...

BB Inventory $275,000; Net Sales $960,000; Purchases $465,000; Gross Profit percentage 44%. What is the estimated EB Inventory using the Gross Profit Method? Optional Answers: 1. $202,400 2. $325,600...

1. The operating activities of the Statement of Cash Flows begins with a. Change in Accounts Receivable b. Net Income c. Depreciation Expense Loss on sale of investment 2. Accounts Receivable is a. A...

Caminas has the following products in inventory at the year end. Product Quantity Cost Selling price Selling cost A 1,000 $40 $55 $8 B 2,500 $15 $25 $4 C 800 S23 $2755 At what amount should total...