Rectify the following:
i)A credit item of Rs.349 has been debited to a Personal Account as Rs.439
Please explain how to do it.Please give the wrong entry,the correct entry,and the rectified entry.Thanks!
↵Hi Raj
The correct posting of the given transaction will be:
Wrong Posting:
Rectifying Journal entry:
Rectifying posting will be:
We advise you to post your question every day within a range of 1 to 2 from each subject on per day basis.
Keep Posting!!
The correct posting of the given transaction will be:
| Personal Account | |||||||||
| Dr. | Cr. | ||||||||
| Date | Particulars | J.F. | Amount (Rs) |
Date | Particulars | J.F. | Amount (Rs) |
||
| xxxx | 349 | ||||||||
Wrong Posting:
| Personal Account | |||||||||
| Dr. | Cr. | ||||||||
| Date | Particulars | J.F. | Amount (Rs) |
Date | Particulars | J.F. | Amount (Rs) |
||
| xxxx | 439 | ||||||||
Rectifying Journal entry:
| Suspense A/c (439 + 349) | Dr. | 788 | ||
| To Personal Account | 788 | |||
| (A credit item of Rs 349 wrongly debited as Rs 439) |
Rectifying posting will be:
| Personal Account | |||||||||
| Dr. | Cr. | ||||||||
| Date | Particulars | J.F. | Amount (Rs) |
Date | Particulars | J.F. | Amount (Rs) |
||
| xxxx | 439 | Suspense A/c (439 + 349) | 788 | ||||||
| (wrong posting) | (rectifying posting) - Now, you can see the wrong debit effect is cancelled and the correct credit effect is shown. | ||||||||
We advise you to post your question every day within a range of 1 to 2 from each subject on per day basis.
This enables us to provide answers to your queries regularly without compromising on the answers to our other users. Hope you understand. Keep Posting!!