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Goods purchased rs 250 have been posted to the debit of the supplier gupta & co. rectification of error?
Most Upvoted Answer
Goods purchased rs 250 have been posted to the debit of the supplier g...
This means that the supplier Gupta has been debited, or charged, with the amount of Rs 250 for the goods that were purchased. It indicates that the payment for the purchased goods has not been made yet and Gupta has an outstanding balance of Rs 250 to be paid by the buyer.
Community Answer
Goods purchased rs 250 have been posted to the debit of the supplier g...
Wrong entry:
Gupta &Co. A/c Dr. Rs.250
To Suspense A/c Rs.250
Correct entry:
Purchase A/c Dr. Rs.250
To Gupta &Co. A/c Rs.250
Rectification entry:
Suspense A/c Dr. Rs.500
To Gupta & Co. A/c Rs.500
Here,Gupta &Co. is wrongly debited
So Gupta & Co. is Credited with Rs.500
Gupta &Co. A/c Dr. Rs.250
To Suspense A/c Rs.250
Correct entry:
Purchase A/c Dr. Rs.250
To Gupta &Co. A/c Rs.250
Rectification entry:
Suspense A/c Dr. Rs.500
To Gupta & Co. A/c Rs.500
Here,Gupta &Co. is wrongly debited
So Gupta & Co. is Credited with Rs.500
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Goods purchased rs 250 have been posted to the debit of the supplier gupta & co. rectification of error?
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Goods purchased rs 250 have been posted to the debit of the supplier gupta & co. rectification of error? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Goods purchased rs 250 have been posted to the debit of the supplier gupta & co. rectification of error? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Goods purchased rs 250 have been posted to the debit of the supplier gupta & co. rectification of error?.
Goods purchased rs 250 have been posted to the debit of the supplier gupta & co. rectification of error? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Goods purchased rs 250 have been posted to the debit of the supplier gupta & co. rectification of error? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Goods purchased rs 250 have been posted to the debit of the supplier gupta & co. rectification of error?.
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