Question

sales return overcast by 700

Answer 1

Explanation of the scenario :

Sales Returns shows a Debit balance.

Because , as per the Real Account Principle, debit what comes into the business.

When goods are returned to us, goods come in. Hence, Sales Returns should be debited.

But, here Sales Return is overcast by Rs.700. Which means, there is an extra debit of Rs.700. This error can be rectified by crediting the same amount of Rs.700.

So, in the Trial Balance , we would have got Rs.700 less on the credit  side. So we would have credited Suspense A/C  with Rs.700

Rectification Entry :

Suspense A/C   Dr   Rs.700

    To Sales Returns A/C    Rs.700

(Being the entry to rectify the overcasting of sales return book)

Answer 2

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Here is your answer...✨✨✨

➡➡➡➡➡➡➡➡➡➡➡➡➡

Suspense A/c ....Dr. .......700
... To Sales Return A/c........700

✔✔✔✔✔✔✔✔✔✔✔✔✔

Hope this will help you...✨✨✨

Keep Asking..✌✌✌

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