Pass the rectification entries for the following transactions: (i) An amount of ₹ 2,000 received from Mohan on 1st April, 2017 had been entered in the Cash Book as having been received on 31st March, 2017. (ii) The balance in the account of Mr. Rahim ₹ 1,000 had been written off as bad but no other account has been debited. (iii) An addition in the Returns Inward Book had been cast ₹ 100 short. (iv) A cheque for ₹ 200 drawn for the Petty Cash Account has been posted in the account of Asif. (v) A discounted Bill of Exchange for ₹ 20,000 returned by the firm’s bank had been credited to the Bank Account and debited to Bills Receivable Account. A cheque was received later from the customer for ₹ 20,000 and duly paid. (vi) Ramesh’s Account was credited with ₹ 840 twice instead of once.

Pass the rectification entries for the following transactions: (i) A

1.	Pass the rectification entries for the following transactions: (i) An amount of ₹ 2,000 received from Mohan on 1st April, 2017 had been entered in the Cash Book as having been received on 31st March, 2017. (ii) The balance in the account of Mr. Rahim ₹ 1,000 had been written off as bad but no other account has been debited. (iii) An addition in the Returns Inward Book had been cast ₹ 100 short. (iv) A cheque for ₹ 200 drawn for the Petty Cash Account has been posted in the account of Asif. (v) A discounted Bill of Exchange for ₹ 20,000 returned by the firm’s bank had been credited to the Bank Account and debited to Bills Receivable Account. A cheque was received later from the customer for ₹ 20,000 and duly paid. (vi) Ramesh’s Account was credited with ₹ 840 twice instead of once.
Answer» When an ERROR is committed in the books of accounts the same should be corrected to SHOW TRUE numbers in financial STATEMENTS. If the error is IMMEDIATELY identified it may be fixed by striking out the wrong entry and replacing it with a correct one.

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