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