Goods sold of the value RS. 2000 was returned by Vera was entered in sales day book and posted to the credit of this account . Is this a double sided or a single sided error , will there be suspense acc involved , explain and provide the rectifying entry
The error so committed is a double sided error as goods returned from Vera was not debited to the Sales Returns Account instead it is entered in the sales day book and posted to the credit side of this account. In this case, Suspense Account is not opened. This is because, Suspense Account is opened to rectify the one-sided or single sided errors. The Journal entry to rectify this error is given below.
Rectifying Journal Entry
Sales Return A/c
(Goods returned by Vera worth Rs 2,000 wrongly entered in Sales Day Book, now rectified)