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(ii) Cash sale of ₹ 850 to Meenu was posted to the credit of Meena please explain this transaction
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Most Upvoted Answer
(ii) Cash sale of ₹ 850 to Meenu was posted to the credit of Meena ple...
Rectification of Errors - Cash sale of ₹ 850 to Meenu was posted to the credit of Meena

Introduction:
Errors in accounting may occur due to various reasons like incorrect data entry, wrong calculations, omission of transactions, etc. Rectifying such errors is important to ensure accurate financial statements. One such error is the cash sale of ₹ 850 to Meenu being posted to the credit of Meena. Let's understand this transaction and how to rectify it.

Explanation:
Cash sale of ₹ 850 means that a sale was made for which the customer paid in cash. Meenu is the customer who made this purchase. However, instead of debiting Meenu's account, it was mistakenly credited to Meena's account. Meena may not have even made any purchase at all.

Rectifying the Error:
To rectify this error, the following steps need to be taken:

Step 1: Identify the error - Cash sale of ₹ 850 was posted to Meena's account instead of Meenu's account.

Step 2: Determine the correct entry - The correct entry would be to debit Meenu's account and credit the sales account.

Step 3: Make the necessary journal entry - To correct the error, a journal entry would be made as follows:

Sales A/c - Debit ₹ 850
Meenu A/c - Credit ₹ 850

Step 4: Post the entry - The above journal entry would be posted to the respective accounts. This would debit Meenu's account and credit the sales account, thus correcting the error.

Conclusion:
Rectifying errors in accounting is crucial to ensure that accurate financial statements are prepared. In this case, the cash sale of ₹ 850 was posted to the wrong account. By making the necessary journal entry, this error can be corrected and the financial statements can be accurate.
Community Answer
(ii) Cash sale of ₹ 850 to Meenu was posted to the credit of Meena ple...
Meenu cr hi 850 se
aur dikhaya gaya hai cr side me
to entry me error nahi hai
correct entry likh k chhodh do
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(ii) Cash sale of ₹ 850 to Meenu was posted to the credit of Meena please explain this transaction Related: Rectification Of Errors - (Part - 1)?
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(ii) Cash sale of ₹ 850 to Meenu was posted to the credit of Meena please explain this transaction Related: Rectification Of Errors - (Part - 1)? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about (ii) Cash sale of ₹ 850 to Meenu was posted to the credit of Meena please explain this transaction Related: Rectification Of Errors - (Part - 1)? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for (ii) Cash sale of ₹ 850 to Meenu was posted to the credit of Meena please explain this transaction Related: Rectification Of Errors - (Part - 1)?.
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