Question

what is the rectification entry of interest received Rs. 300 was credited to commission account which was deleted after the trial balance​

Answer 1

Explanation:

Correct entry :-

Cash Account ......... Dr 300

To Interest A/c 300

Wrong entry:-

Cash A/c................. ..........Dr 300

To Commission A/c 300

Rectification entry:-

Commission A/c ..............Dr 300

To Interest A/c 300f

As the commission account was wrongfully credited so its to be debited and Interest account has to be credited.

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