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Sale to Mr. Z of Rs. 3,000 on credit was recorded twice in the sales book. The rectification entry is :
- a)Mr. Z will be credited
- b)Mr. Z will be debited
- c)Sales account will be credited
- d)None
Correct answer is option 'A'. Can you explain this answer?
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Sale to Mr. Z of Rs. 3,000 on credit was recorded twice in the sales b...
Rectification Entry for Double Recording of Sale to Mr. Z
The rectification entry for the double recording of the sale to Mr. Z in the sales book can be done through the following steps:
Step 1: Identify the error in the sales book that led to the double recording of the sale to Mr. Z.
Step 2: Determine the correct amount of the sale to Mr. Z, which is Rs. 3,000.
Step 3: Prepare the rectification entry to reverse the effect of the double recording of the sale to Mr. Z. The entry will be as follows:
Mr. Z A/C Dr. Rs. 3,000 (to reverse the effect of the extra credit entry)
To Sales A/C Rs. 3,000 (to reduce the sales amount)
Step 4: Post the rectification entry in the ledger accounts of Mr. Z and Sales.
Explanation:
The rectification entry involves debiting Mr. Z's account and crediting the Sales account. This is because the double recording of the sale to Mr. Z has resulted in an overstatement of Sales and an understatement of Mr. Z's account. By debiting Mr. Z's account, we are reducing the amount credited earlier, and by crediting the Sales account, we are reducing the sales amount.
Therefore, the correct answer is option 'A,' which states that Mr. Z will be credited. This is incorrect as the correct entry involves debiting Mr. Z's account.
The rectification entry for the double recording of the sale to Mr. Z in the sales book can be done through the following steps:
Step 1: Identify the error in the sales book that led to the double recording of the sale to Mr. Z.
Step 2: Determine the correct amount of the sale to Mr. Z, which is Rs. 3,000.
Step 3: Prepare the rectification entry to reverse the effect of the double recording of the sale to Mr. Z. The entry will be as follows:
Mr. Z A/C Dr. Rs. 3,000 (to reverse the effect of the extra credit entry)
To Sales A/C Rs. 3,000 (to reduce the sales amount)
Step 4: Post the rectification entry in the ledger accounts of Mr. Z and Sales.
Explanation:
The rectification entry involves debiting Mr. Z's account and crediting the Sales account. This is because the double recording of the sale to Mr. Z has resulted in an overstatement of Sales and an understatement of Mr. Z's account. By debiting Mr. Z's account, we are reducing the amount credited earlier, and by crediting the Sales account, we are reducing the sales amount.
Therefore, the correct answer is option 'A,' which states that Mr. Z will be credited. This is incorrect as the correct entry involves debiting Mr. Z's account.
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Community Answer
Sale to Mr. Z of Rs. 3,000 on credit was recorded twice in the sales b...
In sales a/c there will be recorded twice of z's a/c(debit).therefore z a/c will be credited once
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Sale to Mr. Z of Rs. 3,000 on credit was recorded twice in the sales book. The rectification entry is :a)Mr. Z will be creditedb)Mr. Z will be debitedc)Sales account will be creditedd)NoneCorrect answer is option 'A'. Can you explain this answer?
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