M/S XYZ Ltd issued a Cheque to a supplier A Ltd. The Cheque was
wrongly accounted by XYZ Ltd in the ledger account of another
supplier-B Ltd. The rectification entry passed in the books of XYZ Ltd.
is
1) "A Ltd A/c Dr To Suspence A/c Cr"
2) "B Ltd A/c Dr To A A/c Cr"
3) "A Ltd A/c Dr To B A/c Cr"
4) "A Ltd A/c Dr To Purchase A/c Cr"
Answers
Explanation:
option a is the correct answer
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Answer:
The correct answer is 2) "B Ltd A/c Dr To A A/c Cr"
Explanation:
Rectification of mistakes is called the manner of revising errors made in recording transactions. those mistakes can occur while posting entries to ledger debts, classifying debts, sporting stability forward, and many others.
The errors are broadly labeled into types:
Rectification of errors that don't have an impact on the trial stability
Rectification of mistakes that have an impact on the trial balance
Rectification of errors that do not impact the trial stability
Rectification of errors that do not affect the trial balance encompass errors that involve mistakes on both aspects of debit and credit and may be rectified by passing a magazine entry.
those mistakes impact debts concurrently and are consequently referred to as -sided errors. The mistakes can occur each on the debit and credit side of the account and need to be corrected or rectified by passing a journal entry to correct the debit and credit score.
An error can be rectified by means of reversing the effect of wrong entry on debit and credit score side and restoring an appropriate debit and credit score entry.
every time there's extra credit score or scarcity in debit, then debiting the concerned account is achieved, similarly when there's shortage of credit score and extra of debit, then the involved account have to be credited.
M/S XYZ Ltd issued a Cheque to a supplier A Ltd.
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What is meant by rectification of errors ? explain in detail?
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