Purchases Account – NBC Institute

FA – MAY 2015 – L1 – SA – Q10 – Correction of Errors

Identify the appropriate journal entry to correct the error of debiting a non-current asset to purchases.

Question

The accounting officer of a trading outfit wrongly debited the purchase of a non-current asset item to purchases account and credited it to the supplier’s account.
Which of the following journal entries is appropriate to correct the error?
A. Dr. Supplier’s account, Cr. Purchases account
B. Dr. Purchases account, Cr. Supplier’s account
C. Dr. Non-current asset account, Cr. Purchases account
D. Dr. Purchases account, Cr. Non-current asset account
E. Dr. Supplier account, Cr. Non-current asset account

Answer

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Tags: Error Correction, Non-Current Asset, Purchases Account
Level: Level 1

Topic: Correction of errors
Series: MAY 2015

FA – MAY 2015 – L1 – SA – Q9 – Correction of Errors

Determine the journal entries to correct a purchase error involving the sales account.

Question

Abalabi Ventures has a credit facility with a local trade supplier. An invoice for purchases has been credited to the supplier’s account and wrongly debited to the sales account.
Which of the following journal entries will correct the error?
A. Dr. Sales account, Cr. Supplier account
B. Dr. Supplier account, Cr. Sales account
C. Dr. Purchases account, Cr. Sales account
D. Dr. Sales account, Cr. Bank account
E. Dr. Supplier account, Cr. Cash account

Answer

Find Related Questions by Tags, levels, etc.

Tags: Error Correction, Journal Entries, Purchases Account
Level: Level 1

Topic: Correction of errors
Series: MAY 2015

FA – MAY 2015 – L1 – SA – Q10 – Correction of Errors

Identify the appropriate journal entry to correct the error of debiting a non-current asset to purchases.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Error Correction, Non-Current Asset, Purchases Account
Level: Level 1

Topic: Correction of errors
Series: MAY 2015

FA – MAY 2015 – L1 – SA – Q9 – Correction of Errors

Determine the journal entries to correct a purchase error involving the sales account.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Error Correction, Journal Entries, Purchases Account
Level: Level 1

Topic: Correction of errors
Series: MAY 2015

Question Tag: Purchases Account

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FA – MAY 2015 – L1 – SA – Q10 – Correction of Errors

Identify the appropriate journal entry to correct the error of debiting a non-current asset to purchases.

FA – MAY 2015 – L1 – SA – Q9 – Correction of Errors

Determine the journal entries to correct a purchase error involving the sales account.

FA – MAY 2015 – L1 – SA – Q10 – Correction of Errors

Identify the appropriate journal entry to correct the error of debiting a non-current asset to purchases.

FA – MAY 2015 – L1 – SA – Q9 – Correction of Errors

Determine the journal entries to correct a purchase error involving the sales account.

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FA – MAY 2015 – L1 – SA – Q10 – Correction of Errors

Identify the appropriate journal entry to correct the error of debiting a non-current asset to purchases.

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Determine the journal entries to correct a purchase error involving the sales account.

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FA – MAY 2015 – L1 – SA – Q10 – Correction of Errors

Identify the appropriate journal entry to correct the error of debiting a non-current asset to purchases.

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Determine the journal entries to correct a purchase error involving the sales account.

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