Goods worth Rs.24,000 were returned by X. The accountant, however, credited the sales returns account by Rs. 42,000. In order to rectify this error, what should be done? Please pass entry also.
hira singh (student) (42 Points)
08 January 2011Goods worth Rs.24,000 were returned by X. The accountant, however, credited the sales returns account by Rs. 42,000. In order to rectify this error, what should be done? Please pass entry also.
Manjul Soni.
(CA Student.)
(1407 Points)
Replied 08 January 2011
Sales Return Account Debited By 66,000 (24,000 + 42,000).
.
.
If Error is Single Sided then -
Sales Return Account ..........Dr. 66,000
To Suspense Account 66,000.
.
.
.
.
If Error Is Double Sided....
Then in question - Second Error must be given, but it is not given -
Therefore ........... it is Single Sided.......
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