Question

Pass the journal entry to rectify the error 1. Wages paid rs 3,720 were recorded in the cash book as rs 3,270

Answer 1

Answer:   wages A/c  dr 450

                    to cash A/c 450

             (wages recorded as 3270 instead of 3720 now rectified)          

Answer 2

Answer:

wages A/c  dr 450 to cash A/c 450        

Explanation:

In order to document a business transaction in the accounting records of the company, a journal entry is employed. A journal entry is often made in the general ledger, but it can also be made in a subsidiary ledger and subsequently rolled forward into the general ledger after being summarised. After then, the general ledger is utilised to produce the company's financial statements.

Every business transaction should be recorded in at least two places, according to the reasoning behind a journal entry (known as double entry accounting). For instance, when you make a cash sale, the revenue account and the cash account are both increased. Alternatively, if you purchase items on credit, this raises both the accounts payable and inventory accounts.

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