Question

Undercasting of sales book is corrected by which sales account

Answer 1

Answer:

the answer is debiting purchases account.......

Answer 2

Under casting of Sales Book is corrected by Sales Returns Account.

• Under casting refers to the Forecasting of error in which the amount recorded is less than the actual amount or shortage of amount than actually realized value.
• Sales account is an account that is used for recording all sales related activities irrespective whether they are cash or credit. All the goods sold are recorded in this account it is of nominal nature.
• For revaluation and rectifying the under casting Of sales account , Sales returns account can be drawn into use.
• It is the account all the transactions that include the return of merchandise to the seller . Therefore , it is the reverse of sales account.
• Sales Return accounts is also nominal in nature.

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