Question

Purchase return of Rs 4000 to
Hr. x has been included as:
Credit sales to mr.x what
will be the rectification Entry?

Answer 1

Answer:

sale a/c. Debit

purchase return a/c credit

Answer 2

Answer:

The rectifying entry will be made in the Journal proper.

Explanation:

How are journal proper entries rectified?

Making rectifying entries can be done in one of two ways: either you reverse the mistaken entry and then use a different journal entry to accurately record the transaction, or you make one journal entry and combine it with the mistaken entry to produce the correction.

To fix the mistakes, the following three actions are taken:

• Determine the correct entry
• Fix the incorrect entry
• By adjusting the proper entry and the incorrect entry, find the correcting entry

The goals for error rectification include:

• Presenting accurate financial records
• Determining the accounting period's accurate profit or loss
• Presenting the company's actual financial situation as of a given date

Thus, a mistake that was recorded in your books is fixed by an accounting corrective entry.