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Receipt of cash *5,000 from Mr. Avinash was posted to the debit of his account. rectification entry with suspense account and narration?
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Receipt of cash *5,000 from Mr. Avinash was posted to the debit of his...
Rectification Entry for Receipt of Cash from Mr. Avinash
Narration: Rectifying entry for the incorrect posting of cash received from Mr. Avinash.
Explanation:
- The original entry incorrectly debited Mr. Avinash's account by 5,000 instead of crediting it.
- To rectify this error, we need to credit Mr. Avinash's account with the same amount of 5,000.
- Since the suspense account is used temporarily to rectify errors, we debit the suspense account by 5,000 to balance the entry.
- The rectification entry ensures that the accounts are correctly stated, and the suspense account helps in identifying and correcting errors in the future.
- Original Entry: Debit Mr. Avinash's Account - 5,000
- Rectification Entry: Credit Mr. Avinash's Account - 5,000
- Suspense Account: Debit Suspense Account - 5,000
Narration: Rectifying entry for the incorrect posting of cash received from Mr. Avinash.
Explanation:
- The original entry incorrectly debited Mr. Avinash's account by 5,000 instead of crediting it.
- To rectify this error, we need to credit Mr. Avinash's account with the same amount of 5,000.
- Since the suspense account is used temporarily to rectify errors, we debit the suspense account by 5,000 to balance the entry.
- The rectification entry ensures that the accounts are correctly stated, and the suspense account helps in identifying and correcting errors in the future.
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Receipt of cash *5,000 from Mr. Avinash was posted to the debit of his account. rectification entry with suspense account and narration?
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Receipt of cash *5,000 from Mr. Avinash was posted to the debit of his account. rectification entry with suspense account and narration? 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 Receipt of cash *5,000 from Mr. Avinash was posted to the debit of his account. rectification entry with suspense account and narration? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Receipt of cash *5,000 from Mr. Avinash was posted to the debit of his account. rectification entry with suspense account and narration?.
Receipt of cash *5,000 from Mr. Avinash was posted to the debit of his account. rectification entry with suspense account and narration? 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 Receipt of cash *5,000 from Mr. Avinash was posted to the debit of his account. rectification entry with suspense account and narration? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Receipt of cash *5,000 from Mr. Avinash was posted to the debit of his account. rectification entry with suspense account and narration?.
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