CA Foundation Exam > CA Foundation Questions > Receipt of cash *5,000 from Mr. Avinash was p...
Start Learning for Free
Receipt of cash *5,000 from Mr. Avinash was posted to the debit of his account. rectification entry with suspense account and narration?
Most Upvoted Answer
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.
Attention CA Foundation Students!
To make sure you are not studying endlessly, EduRev has designed CA Foundation study material, with Structured Courses, Videos, & Test Series. Plus get personalized analysis, doubt solving and improvement plans to achieve a great score in CA Foundation.
|
Explore Courses for CA Foundation exam
|
|
Similar CA Foundation Doubts
Top Courses for CA FoundationView all
Receipt of cash *5,000 from Mr. Avinash was posted to the debit of his account. rectification entry with suspense account and narration?
Question Description
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?.
Solutions for Receipt of cash *5,000 from Mr. Avinash was posted to the debit of his account. rectification entry with suspense account and narration? in English & in Hindi are available as part of our courses for CA Foundation.
Download more important topics, notes, lectures and mock test series for CA Foundation Exam by signing up for free.
Here you can find the meaning of Receipt of cash *5,000 from Mr. Avinash was posted to the debit of his account. rectification entry with suspense account and narration? defined & explained in the simplest way possible. Besides giving the explanation of
Receipt of cash *5,000 from Mr. Avinash was posted to the debit of his account. rectification entry with suspense account and narration?, a detailed solution for Receipt of cash *5,000 from Mr. Avinash was posted to the debit of his account. rectification entry with suspense account and narration? has been provided alongside types of Receipt of cash *5,000 from Mr. Avinash was posted to the debit of his account. rectification entry with suspense account and narration? theory, EduRev gives you an
ample number of questions to practice Receipt of cash *5,000 from Mr. Avinash was posted to the debit of his account. rectification entry with suspense account and narration? tests, examples and also practice CA Foundation tests.
|
|
Explore Courses for CA Foundation exam
|
|
Suggested Free Tests
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
|
© EduRev
|
Education Revolution
|
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup