Question

what will be the rectified entry for rent of 350 received from ashok credited both to rent account and ashok account....pls give the explanation for same also

Answer 1

Answer:

Rent paid Rs.500 need to be debited to Rent A/ c but instead Rent a/c is credited with Rs.5000.

Hence Rent a/c will be debited by Rs.5500 i.e. Rs.500 for actual rent & Rs.5000 to nullify the wrong posting

Answer 2

The rectified entry for the rent of 350 received from Ashok credited both to Rent account and Ashok account would be:

Debit Ashok account: 350

Credit Rent account: 350

Explanation:

The initial entry would have been:

Debit Bank account: 350

Credit Rent account: 350

Credit Ashok account: 350

This entry is incorrect because the rent amount cannot be credited to both the Rent account and Ashok account. Instead, it should have been debited to Ashok's account and credited to the Rent account. Therefore, the rectified entry would be to debit Ashok account and credit Rent account. This will ensure that the Rent account is credited with the correct amount and the Ashok account is debited with the amount that he owes.

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