Question

rent amounting to Rs 660 was received but was debited to rent accounts with Rs66

Answer 1

Correct Entry :

Cash A/C     Dr     Rs.660

      To Rent A/C    Rs.660

(Being rent received)

Wrong Entry :

Rent A/C is debited with Rs.66. Cash A/C is also debited with Rs,660

Rectification Entry :

Credit Rent A/C with Rs.726

Explanation:

Here, rent should have actually been credit with Rs.660.

But it is erroneuosly debited with Rs.66. So, to cancel the debit effect we should credit  Rent A/C with Rs.66 . In addition to this, we also have to credit Rent A/C with Rs.660 as rent is received.