Good Quality Stock Around Rs. 100 | CA Rachana Ranade | #shorts

Rectify the following errors: (i) Wages paid to the firm's workmen for making certain additions to machinery amounting to Rs. 5,500 were posted to Wages Account. Credit purchase of goods of Rs. 1,500 from Mohan & Co. was not recorded in the books although the goods were taken into stock. (iii) Goods returned of Rs. 500 by Mohan was entered in the Purchases Return Book. (iv) Return of goods of Rs. 800 to Sohan was passed through the Sales Return Book. (v) Credit Sale of goods to Sunil amounting to Rs 5,000 was posted to the account of Surmail.

Prepare the Accounting Equation on the basis of the following : (a) Started business with cash Rs. 1,40,000 and Stock Rs. 2,50,000. (b) Sold goods (costing Rs. 50,000) at a profit of 25% on cost. (c ) Deposited into bank account Rs. 1,80,000. (d) Purchased goods from Mohan Rs. 80,000.

Rectify the following errors: (i) Purchases Book is overcast by Rs. 500. (ii) Salary paid to an employee, Mr. Ajay, is debited to his Personal Account Rs. 3,000. (iii) Goods sold to Shashi on credit Rs. 300 have been wrongly passed through the Purchases Book. Total of Returns Inward Book has been added Rs. 9 short. (v) Purchase of chair from Happy Traders for Rs. 35 has been entered in the Purchases Book as Rs. 53.