Machinery purchased for Rs. 5,000 is debited to Purchases Account. Which of the following will be the corrective entry in this case?
1
Debit to Machinery Account and credit to Cash Account by Rs. 5,000
2
Debit to Purchases Account and credit to Cash Account by Rs. 5,000
3
Debit to Machinery Account and credit to Purchases Account by Rs. 5,000
4
Debit to Purchases Account and credit to Machinery Account by Rs. 5,000