rectification entries
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
18 December 2009
bacically what is the purpose behind passing rectification entries basically how to proceed alltogether?
18 December 2009
The concept behind the rectification entries is that we should not carry on mistakes. The moment we know these; we should rectify.
First Step : Know the Correct Entry
Second Step : Know the wrong entry passed.
Third Step : Pass such journal entry so that only correct one remains.
For example Ram was Debited by Rs.2000 whereas he should have been Credited.
Correct Entry : Ram A/c Credit Rs.2000
Wrong Entry : Ram A/c Debit Rs.2000
To remove the effect of wrong; you have to Credit Ram's A/c by Rs.4000
First Step : Know the Correct Entry
Second Step : Know the wrong entry passed.
Third Step : Pass such journal entry so that only correct one remains.
For example Ram was Debited by Rs.2000 whereas he should have been Credited.
Correct Entry : Ram A/c Credit Rs.2000
Wrong Entry : Ram A/c Debit Rs.2000
To remove the effect of wrong; you have to Credit Ram's A/c by Rs.4000
Message likes :
1 times
20 December 2009
Recetification entry passing objective is correct the wrong entry passed
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