Commission payable to ram for rs. 50 was wrongly recorded as commission receivable from him. What will be the correct enty? And rectify entry?
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Quick Summary
This discussion addresses an accounting error where commission payable to Ram (Rs. 50) was mistakenly recorded as commission receivable from him. The correct entry is to debit the commission account and credit Ram's account. The rectification entry will reverse the incorrect recording, ensuring accurate financial statements.