Accounting 0452 · IGCSE · Correction of errors

Correction of errors — practice question

A trader withdrew some goods from the business for personal use. He debited the purchases account by the cost price of the goods, $200$, and credited the sales account with the selling price, $300$. Which entries did he pass to correct the mistake?

  • Adebit drawings $200$ and income statement $100$, credit suspense $300$
  • Bdebit drawings $200$ and sales $300$, credit suspense $500$
  • Cdebit suspense $300$, credit drawings $200$ and income statement $100$
  • Ddebit suspense $500$, credit drawings $200$ and sales $300$

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