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Total of sales book was understated by Rs. 200. Rectification entry will be:
- a)Sales A/C Debit, Suspense A/C Credit
- b)Suspense A/C Debit, Sales A/C Credit
- c)Debtor A/C Debit, Sales A/C Credit
- d)Sales A/C Debit, Debtors A/C Credit
Correct answer is option 'B'. Can you explain this answer?
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Total of sales book was understated by Rs. 200. Rectification entry wi...
Rectification Entry for Understated Sales Book by Rs. 200
Rectification entry is a type of accounting entry made to rectify an error in the books of accounts. When the sales book is understated by Rs. 200, the rectification entry will be:
Suspense A/C Debit, Sales A/C Credit
Explanation:
Suspense A/C is a temporary account used to record the difference between the debit and credit sides of the trial balance. It is used in the case of errors, omissions or discrepancies in the books of accounts.
In this case, the sales book was understated by Rs. 200. This means that the total sales recorded in the books of accounts were less by Rs. 200. To rectify this error, we need to credit the sales account by Rs. 200.
However, we also need to debit an account. Since we do not know the exact account which was missed or understated in the books of accounts, we will use the suspense account to balance the entry.
Therefore, the rectification entry will be:
Debit - Suspense A/C - Rs. 200
Credit - Sales A/C - Rs. 200
Conclusion:
The rectification entry for an understated sales book by Rs. 200 will be Suspense A/C Debit, Sales A/C Credit. This entry is made to rectify the error in the books of accounts and ensure that the financial statements are accurate and reliable.
Rectification entry is a type of accounting entry made to rectify an error in the books of accounts. When the sales book is understated by Rs. 200, the rectification entry will be:
Suspense A/C Debit, Sales A/C Credit
Explanation:
Suspense A/C is a temporary account used to record the difference between the debit and credit sides of the trial balance. It is used in the case of errors, omissions or discrepancies in the books of accounts.
In this case, the sales book was understated by Rs. 200. This means that the total sales recorded in the books of accounts were less by Rs. 200. To rectify this error, we need to credit the sales account by Rs. 200.
However, we also need to debit an account. Since we do not know the exact account which was missed or understated in the books of accounts, we will use the suspense account to balance the entry.
Therefore, the rectification entry will be:
Debit - Suspense A/C - Rs. 200
Credit - Sales A/C - Rs. 200
Conclusion:
The rectification entry for an understated sales book by Rs. 200 will be Suspense A/C Debit, Sales A/C Credit. This entry is made to rectify the error in the books of accounts and ensure that the financial statements are accurate and reliable.
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Community Answer
Total of sales book was understated by Rs. 200. Rectification entry wi...
Sales book under cast means in sales account it show 200 less amount in credit side
so we
increase the sales account for increase the sales account we credit the sales account.
so journal entry
suspense Ac Dr. 200
To sales account 200
so we
increase the sales account for increase the sales account we credit the sales account.
so journal entry
suspense Ac Dr. 200
To sales account 200
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Total of sales book was understated by Rs. 200. Rectification entry will be:a)Sales A/C Debit, Suspense A/C Creditb)Suspense A/C Debit, Sales A/C Creditc)Debtor A/C Debit, Sales A/C Creditd)Sales A/C Debit, Debtors A/C CreditCorrect answer is option 'B'. Can you explain this answer?
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