Transistor sold to Karun for 750 passed through sales book twice
what is the rectification entry for above
Answers
Answer:
Purchases Account Dr
300
Sales Account Dr
300
To Raman Account
600
(Being the amount passed through sales book cancelled and debited to purchases book)
b.
Bills Receivable Account Dr
500
Bills Payable Account Dr
500
To Ramu's Account
1000
(Being the amount cancelled passed through bills payable book and debited to bills received account)
c.
Prepaid Insurance Account Dr
150
To Suspense Account
150
(Being prepaid Insurance omitted to bring into books of accounts earlier, now brought into books of accounts)
d.
Bills Payable Account Dr
400
To N. Mehta Account
400
(Being the amount wrongly debited to N. Mehta cancelled)
e.
Ajit account Dr
300
Amrit account Dr
300
600
f.
Sales Account Dr
750
To Karun Account
750