Economics · Rectification of Errors
An accounting error is discovered where ₹10,000 paid for new machinery was wrongly debited to the Repairs Account. Which of the following is the appropriate entry to correct this error before the preparation of the Final Accounts?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
Share:
- 1Debit Repairs Account 10,000; Credit Suspense Account 10,000.
- 2Debit Machinery Account 10,000; Credit Suspense Account 10,000
- 3Debit Machinery Account 10,000; Credit Repairs Account 10,000.✓
- 4Debit Repairs Account 10,000; Credit Machinery Account 10,000.
Correct answer
Debit Machinery Account 10,000; Credit Repairs Account 10,000.
Download Single Question PDF
Save this question and verified answer as a clean study sheet with live clickable link.
👥
Share with Friends & Study Groups
Challenge your peer aspirants on WhatsApp or Telegram to solve this question!
Online Test Series
Start Free Mock Test →Preparing for Economics?
Practice full-length mock tests with real exam timers, instant score analysis, and all-India ranking.
Chapter Practice
Practice Rectification of Errors MCQs →Want more practice questions on Rectification of Errors?
Solve complete topic-wise tests with detailed solutions on GkGet.
Related Practice Questions
Recommended practice questions in Economics · Rectification of Errors