Rectify:
A cheque for 1000 received from Manmohan was dishonoured and had been posted to the debit of the sales return account.
Please show the wrong and right entry too.
Incorrect entry
It is provided that the error has occurred at the time of posting, which implies that the credit side has been correctly posted. However, instead of posting to the debit side of Manmohan, posting was made on the debit of Sales Return. However, in order to understand the effect of such transaction, we can pass the following incorrect entry.
Sales Return A/c Dr. 1,000
To Bank A/c 1,000
Correct entry
Manmohan Dr. 1,000
To Bank A/c 1,000
Rectifying Entry
Manmohan Dr. 1,000
To Sales Return A/c 1,000
A similar query is already covered in our study material. Please go through the following link and refer to Point 3.
https://www.meritnation.com/ask-answer/question/its-urgent-plz-help-me-by-giving-correct-entry-and-wrong/trial-balance-and-rectification-of-errors/3550854
It is provided that the error has occurred at the time of posting, which implies that the credit side has been correctly posted. However, instead of posting to the debit side of Manmohan, posting was made on the debit of Sales Return. However, in order to understand the effect of such transaction, we can pass the following incorrect entry.
Sales Return A/c Dr. 1,000
To Bank A/c 1,000
Correct entry
Manmohan Dr. 1,000
To Bank A/c 1,000
Rectifying Entry
Manmohan Dr. 1,000
To Sales Return A/c 1,000
A similar query is already covered in our study material. Please go through the following link and refer to Point 3.
https://www.meritnation.com/ask-answer/question/its-urgent-plz-help-me-by-giving-correct-entry-and-wrong/trial-balance-and-rectification-of-errors/3550854