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Bill accepted by Govinda was discounted with the bank for Rs. 2000. On the due date the bill was dishonoured. However, there is error of Omission towards Bills dishonoured. Journal Entry for rectification will be:-
  • a)
    B/R A/c                  Dr.         
     To Bank A/c
  • b)
    Govinda’s A/c         Dr.         
    To Bank B/R A/c
  • c)
    Govinda’s A/c         Dr.       
    To Bank A/c
  • d)
    Bank A/c               Dr.         
    To B/R A/c
Correct answer is option 'C'. Can you explain this answer?
Most Upvoted Answer
Bill accepted by Govinda was discounted with the bank for Rs. 2000. On...
A/c Dr. To B/R A/c

Explanation:

The correct journal entry for rectification of the error of omission towards bills dishonoured would be:

B/R A/c Dr. To Govinda A/c

Explanation:

When the bill accepted by Govinda was discounted with the bank, the following journal entry would have been passed:

Bank A/c Dr. To B/R A/c

On the due date, when the bill was dishonoured, the following journal entry would have been passed:

B/R A/c Dr. To Govinda A/c

However, the error of omission towards bills dishonoured was made and the above journal entry was not passed. Therefore, to rectify the error, the correct journal entry would be:

B/R A/c Dr. To Govinda A/c

This entry will increase the B/R account, which was reduced when the bill was discounted with the bank. It will also increase the liability of Govinda towards the bill, which was reduced when the bill was discounted with the bank.
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Community Answer
Bill accepted by Govinda was discounted with the bank for Rs. 2000. On...
C is correct because govinda is now our asset as we have to take money from him so it is debit bank is liability so credited
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Bill accepted by Govinda was discounted with the bank for Rs. 2000. On the due date the bill was dishonoured. However, there is error of Omission towards Bills dishonoured. Journal Entry for rectification will be:-a)B/R A/c Dr. To Bank A/cb)Govinda’s A/c Dr. To Bank B/R A/cc)Govinda’s A/c Dr. To Bank A/cd)Bank A/c Dr. To B/R A/cCorrect answer is option 'C'. Can you explain this answer?
Question Description
Bill accepted by Govinda was discounted with the bank for Rs. 2000. On the due date the bill was dishonoured. However, there is error of Omission towards Bills dishonoured. Journal Entry for rectification will be:-a)B/R A/c Dr. To Bank A/cb)Govinda’s A/c Dr. To Bank B/R A/cc)Govinda’s A/c Dr. To Bank A/cd)Bank A/c Dr. To B/R A/cCorrect answer is option 'C'. Can you explain this answer? 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 Bill accepted by Govinda was discounted with the bank for Rs. 2000. On the due date the bill was dishonoured. However, there is error of Omission towards Bills dishonoured. Journal Entry for rectification will be:-a)B/R A/c Dr. To Bank A/cb)Govinda’s A/c Dr. To Bank B/R A/cc)Govinda’s A/c Dr. To Bank A/cd)Bank A/c Dr. To B/R A/cCorrect answer is option 'C'. Can you explain this answer? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Bill accepted by Govinda was discounted with the bank for Rs. 2000. On the due date the bill was dishonoured. However, there is error of Omission towards Bills dishonoured. Journal Entry for rectification will be:-a)B/R A/c Dr. To Bank A/cb)Govinda’s A/c Dr. To Bank B/R A/cc)Govinda’s A/c Dr. To Bank A/cd)Bank A/c Dr. To B/R A/cCorrect answer is option 'C'. Can you explain this answer?.
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