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A sale of ₹200 made to mr.ghanshyam was correctly entered in the sales day book but wrongly posted to the debit of Mr.radheshyam as ₹ 20 ( rectifying the error and write down the journal entry )?
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A sale of ₹200 made to mr.ghanshyam was correctly entered in the sales...
Journal Entry to Rectify an Error in Sales Posting
When a transaction is incorrectly posted in the accounting records, it results in an error that needs to be rectified to maintain the accuracy of financial statements. In this case, a sale of ₹200 made to Mr. Ghanshyam was correctly entered in the sales day book but wrongly posted to the debit of Mr. Radheshyam as ₹20. To rectify this error, the following journal entry can be passed:
Date: [Date of Rectification]
Particulars Debit Credit
Mr. Radheshyam ₹180 (₹200 - ₹20)
Sales Account ₹180
Explanation of the Journal Entry
The above journal entry is made to rectify the error in posting the sales transaction. The entry debits Mr. Radheshyam's account with ₹180 (₹200 - ₹20), which is the correct amount he owes. The sales account is credited with the same amount to reverse the incorrect posting. The net effect of this entry is that the sales account is reduced by ₹180, and Mr. Radheshyam's account is credited with the correct amount.
Conclusion
Rectifying errors in accounting records is crucial to maintain the accuracy of financial statements. Proper journal entries must be passed to ensure that the books of accounts reflect the correct information. In this case, the error in sales posting is rectified by passing a journal entry that debits Mr. Radheshyam and credits the sales account.
When a transaction is incorrectly posted in the accounting records, it results in an error that needs to be rectified to maintain the accuracy of financial statements. In this case, a sale of ₹200 made to Mr. Ghanshyam was correctly entered in the sales day book but wrongly posted to the debit of Mr. Radheshyam as ₹20. To rectify this error, the following journal entry can be passed:
Date: [Date of Rectification]
Particulars Debit Credit
Mr. Radheshyam ₹180 (₹200 - ₹20)
Sales Account ₹180
Explanation of the Journal Entry
The above journal entry is made to rectify the error in posting the sales transaction. The entry debits Mr. Radheshyam's account with ₹180 (₹200 - ₹20), which is the correct amount he owes. The sales account is credited with the same amount to reverse the incorrect posting. The net effect of this entry is that the sales account is reduced by ₹180, and Mr. Radheshyam's account is credited with the correct amount.
Conclusion
Rectifying errors in accounting records is crucial to maintain the accuracy of financial statements. Proper journal entries must be passed to ensure that the books of accounts reflect the correct information. In this case, the error in sales posting is rectified by passing a journal entry that debits Mr. Radheshyam and credits the sales account.
Community Answer
A sale of ₹200 made to mr.ghanshyam was correctly entered in the sales...
Mr Ghanashaym a/c dr 200
To Mr Radhesyam a/c. 20
To Suspense a/c. 180
To Mr Radhesyam a/c. 20
To Suspense a/c. 180
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A sale of ₹200 made to mr.ghanshyam was correctly entered in the sales day book but wrongly posted to the debit of Mr.radheshyam as ₹ 20 ( rectifying the error and write down the journal entry )?
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A sale of ₹200 made to mr.ghanshyam was correctly entered in the sales day book but wrongly posted to the debit of Mr.radheshyam as ₹ 20 ( rectifying the error and write down the journal entry )? for CA Foundation 2025 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about A sale of ₹200 made to mr.ghanshyam was correctly entered in the sales day book but wrongly posted to the debit of Mr.radheshyam as ₹ 20 ( rectifying the error and write down the journal entry )? covers all topics & solutions for CA Foundation 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A sale of ₹200 made to mr.ghanshyam was correctly entered in the sales day book but wrongly posted to the debit of Mr.radheshyam as ₹ 20 ( rectifying the error and write down the journal entry )?.
A sale of ₹200 made to mr.ghanshyam was correctly entered in the sales day book but wrongly posted to the debit of Mr.radheshyam as ₹ 20 ( rectifying the error and write down the journal entry )? for CA Foundation 2025 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about A sale of ₹200 made to mr.ghanshyam was correctly entered in the sales day book but wrongly posted to the debit of Mr.radheshyam as ₹ 20 ( rectifying the error and write down the journal entry )? covers all topics & solutions for CA Foundation 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A sale of ₹200 made to mr.ghanshyam was correctly entered in the sales day book but wrongly posted to the debit of Mr.radheshyam as ₹ 20 ( rectifying the error and write down the journal entry )?.
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