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In the books of M/s Ram pyare, purchase of Rs. 4,500 from Rajan was wrongly entered in the sales day book. What is the correction entry to be passed in the books of account? (amount in Rs.)

In the books of M/s Ram pyare, purchase of Rs. 4,500 from Rajan was wrongly entered in the sales day book. What is the correction entry to be passed in the books of account? (amount in Rs.) Correct Answer <p>Sales A/c Dr 4,500</p> <p>Purchase A/c Dr 4,500</p> <p>To Rajan A/c  9,000</p>

The correct answer is 

Sales A/c Dr 4,500

Purchase A/c Dr 4,500

To Rajan A/c  9,000

Important Points

  • Purchase of Rs. 4,500 from Rajan was wrongly entered in the sales day book.
  • This means, instead of debiting the Purchase account and Crediting Rajan, the sales account has been credited and Rajan account has been debited with Rs. 4,500.
  • To neutralize the effect from Sales account, It must be debited with, Rs. 4,500.
  • To record the amount in purchases, Purchase account must be debited with Rs. 4,500.
  • Rajan Account must therefore be credited with double amount of Rs. 9,000.

Incorrect Entry that has been passed

Particulars Amount Dr. Amount Cr.
Rajan                      Dr. 4,500  
    To Sales A/c   4,500

 

Correct Entry that should have been passed

Particulars Amount Dr. Amount Cr.
Purchases A/c                     Dr. 4,500  
    To Rajan   4,500

 

Rectifying Entry

Particulars Amount Dr. Amount Cr.
Purchases A/c                     Dr. 4,500  
Sales A/c                             Dr. 4,500  
       To Rajan   9,000

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