Rectification of Error(after BS)
suman shil (33 Points)
25 September 2020suman shil (33 Points)
25 September 2020
yasaswi gomes
(My grammar is 💯 good I)
(7290 Points)
Replied 25 September 2020
Sales return book must be Credited with same amount. (Can use payables account)
T corporation is sundry creditors aka payables, must be credited back 21500₹. Debit receivables with 12,500₹.
Credit purchase returns book with 12,500.
yasaswi gomes
(My grammar is 💯 good I)
(7290 Points)
Replied 25 September 2020
No wonder no one passes exams properly because of the language, look here, sales return was debited or credited was not given. These question papers will never change
suman shil
(33 Points)
Replied 27 September 2020
yasaswi gomes
(My grammar is 💯 good I)
(7290 Points)
Replied 27 September 2020
Sure, what ever way one can adjust, one can do it. The key to rectification of errors is having clarity on wrong transaction, This is a very important chapter in accounting.
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