Wrong entry:

Debit: Tapan's account - Rs. 7500
Credit: Cash account - Rs. 7500

Correct entry:

Debit: Cash account - Rs. 7500
Credit: Tapan's account - Rs. 7500

Explanation:

When cash is received from Manan, it is recorded as a debit in the cash account and a credit in Manan's account. However, in this case, the entry was made incorrectly by debiting Tapan's account instead of crediting it.

To correct this error, we need to reverse the wrong entry and make the correct entry as mentioned above.

When we debit cash account, it means we are increasing the amount of cash available with the business. Similarly, when we credit Tapan's account, it means we are increasing the amount owed to Tapan by the business.

By making the correct entry, we ensure that the cash account is debited and Tapan's account is credited. This ensures that the accounting records are accurate and reflect the true financial position of the business.

Conclusion:

Correct accounting is essential for any business to track its financial transactions and make informed decisions. In this case, we have corrected the wrong entry by debiting Tapan's account instead of crediting it. By making the correct entry, we ensure that the accounting records are accurate and reflect the true financial position of the business.