Hi.
In rectification of errors, what does " wrongly posted to debit of his account" mean?
For eg, Credit purchases from Raghu Rs 20000 wrongly posted to the debit of his account"
What does it mean, what is the correct journal entry and what is the rectification journal entry?
Thank you.
Dear Student,
It means that, it should be credited to his/her account but wrongly posted to debit side of his account.
Correct Journal entry will be
Purchase A/c Dr 20,000
To Raghu's A/c 20,000
rectification entry will be
Suspense A/c Dr. 40.000
To Raghu's A/c 40,000
Regards
It means that, it should be credited to his/her account but wrongly posted to debit side of his account.
Correct Journal entry will be
Purchase A/c Dr 20,000
To Raghu's A/c 20,000
rectification entry will be
Suspense A/c Dr. 40.000
To Raghu's A/c 40,000
Regards