Question

cheque of rs.1280 received from Farid was dishonored and has been posted to the debit side of sales return book. rectify the error​

Answer 1

Answer:

rectified entry will be

Explanation:

Farid A/C dr. ₹1280

To Sales return A/C ₹1280

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Answer 2

Answer:

The dishonored cheque of Rs. 1280 received from Farid was posted to the debit side of the sales return book. To rectify the error, we need to reverse the initial entry by debiting Farid's account by Rs. 1280 and credit the Sales Return Book by Rs. 1280 to post the correct entry. This will accurately record the fact that the sale was not completed, and the amount received from Farid was returned.

Explanation:

To rectify the error, we need to reverse the entry that was made when the cheque was dishonored and post the correct entry. Here are the steps:

• Reverse the entry: Since the cheque was dishonored, the amount of Rs. 1280 would have been credited to Farid's account when it was received. To reverse this entry, we need to debit Farid's account by Rs. 1280.
• Post the correct entry: Since the cheque was dishonored, it means that the sale for which the cheque was received was not completed. Therefore, we need to reverse the entry that was made when the sale was recorded and post a new entry to Sales Return Book.

The correct entry would be:

• Debit: Sales Return Book - Rs. 1280
• Credit: Farid's Account - Rs. 1280

This entry records the fact that the sale was not completed, and the amount received from Farid was returned. It also reduces the sales figure for the period, as the sale was not completed.

So, to rectify the error, we need to make the following journal entry:

• Debit: Farid's Account - Rs. 1280
• Credit: Sales Return Book - Rs. 1280

After making this entry, the error will be rectified.

Learn more about sales return: https://brainly.in/question/5291612

Learn more about rectification of errors: https://brainly.in/question/895641

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