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An old furniture was sold for Rs 450 but the amount has been entered in sale day book as Rs.540. on rectification of this error suspense account will be?
Most Upvoted Answer
An old furniture was sold for Rs 450 but the amount has been entered i...
Rectification of Error in Sale Day Book
Suspense Account
Impact on Suspense Account
Conclusion
Rectifying an error in the sale day book involves identifying the mistake made and making the necessary adjustments to correct it. In this case, an old furniture was sold for Rs 450, but the amount entered in the sale day book was Rs. 540.
Suspense Account
A suspense account is a temporary account used to hold transactions that cannot be immediately identified or allocated to the correct account. When an error occurs, and it cannot be immediately rectified, the transaction is recorded in the suspense account until the correct account is identified.
Impact on Suspense Account
In this case, the error made in the sale day book means that the amount of Rs. 90 was wrongly entered. Therefore, the Rs. 90 will be debited to the suspense account, and the sale day book will be credited with the correct amount of Rs. 450.
Conclusion
Rectifying errors in accounting is a crucial process that ensures the accuracy of financial records. In this case, the error made in the sale day book was rectified by debiting the suspense account and crediting the correct amount to the sale day book.
Community Answer
An old furniture was sold for Rs 450 but the amount has been entered i...
I think it's entry is
Sales A/c. Dr. 80
SuspenseA/c. Dr. 80
To Furniture A/c. 160
Sales A/c. Dr. 80
SuspenseA/c. Dr. 80
To Furniture A/c. 160
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An old furniture was sold for Rs 450 but the amount has been entered in sale day book as Rs.540. on rectification of this error suspense account will be?
Question Description
An old furniture was sold for Rs 450 but the amount has been entered in sale day book as Rs.540. on rectification of this error suspense account will be? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about An old furniture was sold for Rs 450 but the amount has been entered in sale day book as Rs.540. on rectification of this error suspense account will be? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for An old furniture was sold for Rs 450 but the amount has been entered in sale day book as Rs.540. on rectification of this error suspense account will be?.
An old furniture was sold for Rs 450 but the amount has been entered in sale day book as Rs.540. on rectification of this error suspense account will be? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about An old furniture was sold for Rs 450 but the amount has been entered in sale day book as Rs.540. on rectification of this error suspense account will be? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for An old furniture was sold for Rs 450 but the amount has been entered in sale day book as Rs.540. on rectification of this error suspense account will be?.
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