29 July 2010
Help me the follwing journal enteries.error detected after preparation of final accounts. (A) Purchase of goods for sales Rs. 25,000 wrongly debited to funiture account. (B)goods drown by proprietor Rs.5000 not recorded. (c)credit purchase Rs.5000 wrongly recorded as credit sale provision for bad & boubtful debts @3% (D)rceived goods from Ms.Z(consignor)for Rs.15,000 inculuded in purchase.those goods were sold for Rs.25000 wrongly inculded in sales.commision receivable @5% not accounted.
30 July 2010
A) Debit Purchases Rs. 25,000 - Credit Furniture Rs. 25,000 B) Debit Drawings Rs.5,000 - Credit Sales Rs.5,000 (considered to be sale by the enterprise to the proprietor) C) Debit Sales Rs.5,000 - Credit Purchases Rs. 5,000 (not able to understand what you mean by provision of 3%. If you mean to say that we incorrectly made a provision for bad debts, then simply reverse it by Debiting the person who we purchased the goods and crediting provision for bad and doubtful debts with Rs. 150) D) Question not clear
CAclubindia
