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A return of rupees 120from mukesh posted to his debit , pass the rectifying entry?
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A return of rupees 120from mukesh posted to his debit , pass the recti...
Rectifying Entry for Erroneous Debit of Rs. 120 to Mukesh's Account
Rectifying entry refers to a type of journal entry that is made to correct or rectify an error that was made in the original entry. In this case, an erroneous debit of Rs. 120 was posted to Mukesh's account, and we need to make a rectifying entry to correct this error.
The rectifying entry will involve the following steps:
Step 1: Identify the error
The first step is to identify the error that was made. In this case, the error was an erroneous debit of Rs. 120 to Mukesh's account.
Step 2: Determine the correct entry
The next step is to determine the correct entry that should have been made. In this case, it is likely that the intended entry was a credit of Rs. 120 to Mukesh's account.
Step 3: Determine the rectifying entry
The rectifying entry is the journal entry that will correct the error. In this case, the rectifying entry will be a credit of Rs. 120 to Mukesh's account, which will cancel out the erroneous debit.
Step 4: Post the rectifying entry
The final step is to post the rectifying entry to the ledger. This will ensure that the account balance is correct and that the financial statements accurately reflect the company's financial position.
Rectifying Entry Journal
The rectifying entry journal for the erroneous debit of Rs. 120 to Mukesh's account is as follows:
Date | Account | Debit | Credit
-----|---------|-------|--------
DD/MM/YYYY | Mukesh's Account | | 120
DD/MM/YYYY | Mukesh's Account | 120 |
Explanation: The rectifying entry involves a credit of Rs. 120 to Mukesh's account, which will cancel out the erroneous debit of Rs. 120 that was previously posted. The rectifying entry will ensure that the account balance is correct and that the financial statements accurately reflect the company's financial position.
Conclusion
In conclusion, rectifying entries are an important tool for correcting errors in accounting records. When an error is made, it is important to identify the error, determine the correct entry, and make a rectifying entry to correct the mistake. In this case, the rectifying entry involved a credit of Rs. 120 to Mukesh's account, which will cancel out the erroneous debit of Rs. 120 that was previously posted.
Rectifying entry refers to a type of journal entry that is made to correct or rectify an error that was made in the original entry. In this case, an erroneous debit of Rs. 120 was posted to Mukesh's account, and we need to make a rectifying entry to correct this error.
The rectifying entry will involve the following steps:
Step 1: Identify the error
The first step is to identify the error that was made. In this case, the error was an erroneous debit of Rs. 120 to Mukesh's account.
Step 2: Determine the correct entry
The next step is to determine the correct entry that should have been made. In this case, it is likely that the intended entry was a credit of Rs. 120 to Mukesh's account.
Step 3: Determine the rectifying entry
The rectifying entry is the journal entry that will correct the error. In this case, the rectifying entry will be a credit of Rs. 120 to Mukesh's account, which will cancel out the erroneous debit.
Step 4: Post the rectifying entry
The final step is to post the rectifying entry to the ledger. This will ensure that the account balance is correct and that the financial statements accurately reflect the company's financial position.
Rectifying Entry Journal
The rectifying entry journal for the erroneous debit of Rs. 120 to Mukesh's account is as follows:
Date | Account | Debit | Credit
-----|---------|-------|--------
DD/MM/YYYY | Mukesh's Account | | 120
DD/MM/YYYY | Mukesh's Account | 120 |
Explanation: The rectifying entry involves a credit of Rs. 120 to Mukesh's account, which will cancel out the erroneous debit of Rs. 120 that was previously posted. The rectifying entry will ensure that the account balance is correct and that the financial statements accurately reflect the company's financial position.
Conclusion
In conclusion, rectifying entries are an important tool for correcting errors in accounting records. When an error is made, it is important to identify the error, determine the correct entry, and make a rectifying entry to correct the mistake. In this case, the rectifying entry involved a credit of Rs. 120 to Mukesh's account, which will cancel out the erroneous debit of Rs. 120 that was previously posted.
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A return of rupees 120from mukesh posted to his debit , pass the rectifying entry?
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A return of rupees 120from mukesh posted to his debit , pass the rectifying 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 return of rupees 120from mukesh posted to his debit , pass the rectifying entry? covers all topics & solutions for CA Foundation 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A return of rupees 120from mukesh posted to his debit , pass the rectifying entry?.
A return of rupees 120from mukesh posted to his debit , pass the rectifying 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 return of rupees 120from mukesh posted to his debit , pass the rectifying entry? covers all topics & solutions for CA Foundation 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A return of rupees 120from mukesh posted to his debit , pass the rectifying entry?.
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