rectification of entry

Hello everyone!! Could you please help me in analyzing the foll transaction:

*cash received from jadu Rs. 8,640 has been posted to the debit of Madhu's Account.

As per my analysis:

  entry made:       Madhu  account                   8,640

                                   Suspense account                8,640

  should be:         Cash                                   8,640

                                   Jadu account                        8,640 

 

therefore, my adjusting entry is:

 

Cash                                 8,640

Suspense account             8,640

         Jadu account                         8,640

         Madhu account                      8,640

 

Am i correct? TY

 

 

 

 

Replies (5)

Dear Jay

U R RITE..

Yes u r right.........

  Yes, You are Right

Yes u are right!!

absolutely u r right...

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