ACCOUNT Quiry
This query is : Resolved
Akash Anand
(Querist)
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.
(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
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
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Accounting treatment of AMC alongwith the purchase of Laptop
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Issuing of delivery challan by seller of goods
- Taxation of crypto futures in India Fy 2026- 2027
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- EPF ECR NEW RULES Sep 17th 2026
- Transfer of Physical Stock Between Two Proprietorship Concerns
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
