Sonu's A/c. Dr.1,200
To Suspence A/c 1,200

Sales Error: Crediting ₹5600 instead of ₹6800 to Sonu's Account

Error Description:
The error occurred when recording a sales transaction involving Sonu. Instead of crediting ₹6800 to Sonu's account, only ₹5600 was recorded. This error needs to be rectified to ensure accurate financial records and prevent any discrepancies in the accounts.

Steps to Rectify the Error:

1. Identify the Error:
The first step is to identify the error and understand what went wrong. In this case, the error is the incorrect amount credited to Sonu's account. The actual amount should have been ₹6800, but only ₹5600 was recorded.

2. Verify Supporting Documents:
Check the supporting documents related to the sales transaction, such as invoices, receipts, or any other relevant records. These documents will help in confirming the correct amount of ₹6800.

3. Communicate with the Concerned Party:
Reach out to Sonu or the salesperson responsible for the transaction to discuss the error. It is important to maintain open communication and gather all necessary information regarding the transaction.

4. Assess the Impact:
Evaluate the impact of the error on the financial records. Determine if it has affected any other accounts or financial statements. This assessment will help in planning the rectification process.

5. Rectify the Error:
To rectify the error, the following steps can be taken:

- Prepare a correcting journal entry to adjust the amount credited to Sonu's account. Debit Sonu's account with ₹1200 (₹6800 - ₹5600), and credit the respective sales account or revenue account with the same amount. This will ensure that the correct amount of ₹6800 is recorded in Sonu's account.

- Record the correcting journal entry in the general ledger or accounting software used for bookkeeping.

- Update the financial statements, such as the income statement and balance sheet, to reflect the correction.

6. Monitor and Review:
After rectifying the error, closely monitor the accounts and financial records to ensure the accuracy of future transactions. Regularly review the accounts to identify and rectify any potential errors promptly.

Conclusion:
Rectifying the error of crediting ₹5600 instead of ₹6800 to Sonu's account requires identifying the error, verifying supporting documents, communicating with the concerned parties, assessing the impact, and taking the necessary steps to rectify the error. Careful monitoring and review of the accounts are crucial to maintain accurate financial records and prevent future errors.