Furniture purchased for ₹ 5,000 was posted to Purchase Account as ₹ 500. Rectifying entry will be :
Furniture A/c was omitted from being debited with ₹ 5,000, and Purchase A/c was wrongly debited with ₹ 500. To rectify this, Debit Furniture A/c with ₹ 5,000, Credit…
Choose your answer
Furniture purchased for ₹ 5,000 was posted to Purchase Account as ₹ 500. Rectifying entry will be :
Answer and explanation
Correct answer C
Furniture A/c was omitted from being debited with ₹ 5,000, and Purchase A/c was wrongly debited with ₹ 500. To rectify this, Debit Furniture A/c with ₹ 5,000, Credit Purchase A/c with ₹ 500 (to cancel the wrong debit), and Credit Suspense A/c with the difference of ₹ 4,500.
Practice for these exams
-
Rajasthan Lecturer And Coach Commerce