Credit purchase from Bishu Rs 3000 was posted to his account as Rs 300 ?

Question

Answer

No, purchase a/c.    Dr.   3000.                                                       To Bishu a/c.            cr.                   3000

Answer

I also think that , suspense a/c dr.      2700       to bishu a/c.                2700

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Explanation of Credit Purchase Discrepancy

Background:
Bishu made a credit purchase of Rs 3000, but it was incorrectly posted as Rs 300 in his account. This discrepancy needs to be explained in detail.

1. Introduction:
The credit purchase discrepancy occurred when the transaction amount of Rs 3000 was incorrectly recorded as Rs 300 in Bishu's account. This error needs to be investigated and resolved to ensure accurate financial records.

2. Recording the Transaction:
When Bishu made the credit purchase, the transaction details such as the date, amount, and vendor information were recorded. However, during the posting process, the amount of Rs 3000 was mistakenly recorded as Rs 300.

3. Potential Causes:
Several factors could have contributed to this error:

- Human Error: The individual responsible for posting the transaction might have made a mistake while entering the amount, resulting in a significant discrepancy.
- Transposition Error: It is possible that the digits in the original transaction amount were inadvertently swapped during the recording process, leading to the discrepancy.
- Miscommunication: If there was a breakdown in communication between Bishu and the person responsible for recording the transaction, it could have resulted in the incorrect amount being posted.

4. Impact on Bishu's Account:
The discrepancy could have several consequences for Bishu's account:

- Inflated Credit Balance: The incorrect posting of Rs 300 instead of Rs 3000 would lead to an inflated credit balance in Bishu's account. This could potentially affect his financial statements and provide an inaccurate representation of his financial position.
- Incorrect Financial Analysis: If the discrepancy goes unnoticed, it could affect Bishu's ability to make informed financial decisions as the analysis of his financial statements and credit purchase history would be based on inaccurate information.

5. Resolving the Discrepancy:
To rectify the error and ensure accurate financial records, the following steps should be taken:

- Identify the Error: The first step is to identify the source of the discrepancy, whether it was due to a human error, transposition error, or miscommunication.
- Correct the Posting: Once the error is identified, the incorrect posting of Rs 300 should be reversed, and the correct amount of Rs 3000 should be posted to Bishu's account.
- Communicate with Bishu: Bishu should be informed about the error and the subsequent correction to maintain transparency and avoid any confusion or misunderstandings.
- Review Internal Controls: It is crucial to review the internal controls in place to prevent similar discrepancies in the future. This may include implementing double-check procedures, enhancing communication channels, or providing additional training to staff involved in financial transactions.

Conclusion:
The discrepancy in Bishu's account, where a credit purchase of Rs 3000 was posted as Rs 300, was likely due to human error, transposition error, or miscommunication. To rectify the error, the incorrect posting should be reversed, and the correct amount should be recorded. It is essential to communicate the error to Bishu and review internal controls to prevent similar discrepancies in the future.

Answer

Suspense A/c Dr. 2700
To Bishu's A/c 2700

Answer

No purchase a/c dr 2700to bishu a/c 2700

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It is an error in posting to the account of bishu..the why will we debit purchase account. According to my opinion the entry will be

Suspense A/c Dr 2700

To Bishu's A/c 2700

Answer

Purchases A/c Dr. 2700
To Bishu. 2700

Answer

This is the answer

Similar Commerce Doubts

Received ₹300 from Ajit whose account for ₹300 was written off earlier and posted to the credit of Rahul a/c. Pass rectified journal entry.?

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