Question

commission received from Krishna rs200 wrongly credited to Krishna a/c.
error of principle
rectify them before trial balance
after trial balance
after final a/c's​

Answer 1

Answer:

Explanation:

CORRECT ENTRY SHOULD HAVE BEEN

              CASH A/C DR    200.00

                TO COMMISSION A/C     200.00

NOTE : CONSIDERED THAT COMMISSION IS RECEIVED IN CASH

     

WRONG ENTRY PASSED

             CASH A/C DR   200.00  

                  TO KRISHNA A/C    200.00

NOW CORRECT ENTRY WILL BE

               

             KRISHNA A/C DR      200.00

                  TO COMMISSION  A/C     200.00

   (Being commission received from Krishna Rs200 wrongly credited to Krishna a/c)

after passing this entry, every account will be correct and then final accounts can be prepared