goods purchases of Rs.1200 was recorded in the sales book
and the Vendor's account was credited by Rs. 1200
- 5 Answers
- 6369 Views
- I also Faced
- E-Mail Answers
Answer Posted / suman.g
Wrong entry passed
Purchases A/c Dr. 2400
To Vendor's A/c 1200
To Sales A/c 1200
Correct Entry which should have been passed
Purchases A/c Dr. 1200
To Vendor's A/c 1200
Rectification entry
Sales A/c Dr. 1200
To Purchases A/c 1200
| Is This Answer Correct ? | 1 Yes | 3 No |
Post New Answer View All Answers
What is the difference between personal account real account and nominal account?
How can do it TDS in accounts?
what is the difference between profit center area and business are.? please make me clear.
how to see reoprt of miro booking in SAP FI
i got a case study in which theie is a chemical company group which has 12 companies in all, few in Europe and few in USA, my question is should i have only 2 COA as per the standard like US GAAP and IFRS or should i have COA based on country location.
Which forms in use in service Tax, Excise duty and Vat for the return.
Aptitude Test Questions
My company sent this party goods 62750 this goods is loss sundorbhan paribahan. how to create voucher
What qualifications have you achieved?
Please explain what do you do to increase revenues? What are your tactics, techniques, and sales methods?
how many types excise audits and when they are applicable to firm
Have you ever made mis reports and what are they?
Key difference between indian accounting standards and international accounting standards is.
How do you prepare a balance sheet from a trial balance?
The Tabula Manufacturing Company has been in business for one month. At the end of month the company had the following accounts: Materials used K 5 000.00 Direct labour 10 000.00 Indirect labour 3 000.00 Indirect materials 2 000.00 Labour fringe benefits 1 000.00 Supervisor’s salary 1 000.00 Depreciation Machinery 2 000.00 Miscellaneous factory overhead 1 000.00 Heat and light 500.00 Insurance on plant 1 500.00 The company processed two jobs during the month with costs as follows: Job 101 Job 102 Materials cost K3 000.00 K2 000.00 Direct labour cost K6 000.00 K4 000.00 Direct labour hours 4 000.00 3 000.00 Machine hours 2 000.00 1 000.00 The company does not use a predetermined rate for factory overhead. The rate is computed at the end of each month. Required Use both the direct labour hours and machine hours to compute: 1) The overhead rates for the month (5 pts) 2) The overhead cost for each job (5pts) 3) The total cost for each job (10 pts) 4) Briefly describe the difference between Job order and process costing, citing relevant examples (5 pts).
