Accounts question
Gaurav Mohnani (OWNER) (536 Points)
22 June 2012Gaurav Mohnani (OWNER) (536 Points)
22 June 2012
CA Akash Jain
(CA)
(47 Points)
Replied 23 June 2012
Its very simple dude, U need not break your head for this type of simple questions but instead follow basics Anyways the answer is like this:
Uncorrected Profit --Rs.56750
+Discount Received--Rs.580 (Recorded on wrong side, by adding the effect is nullified)
+Discount Received--Rs.580 (Now Accounted)
-Discount Allowed --Rs.665 (Recorded on wrong side, by subracting the effect is nullified)
-Discount Allowed -- Rs.665 (Now Accounted)
So, Corrected Profit =Rs.56580
Gaurav Mohnani
(OWNER)
(536 Points)
Replied 23 June 2012
read the question dude.... its saying recorded on the wrong
CA Akash Jain
(CA)
(47 Points)
Replied 23 June 2012
Thats what dude,, wrong side means instead of crediting discount allowed, the trader debited it... So in order to rectify this you need to credit it twice (i.e add to the uncorrected profit) And the same applies to discount allowed..
Gaurav Mohnani
(OWNER)
(536 Points)
Replied 23 June 2012
Discount allowed is always debited as it is a loss and Discount received is credited as it is an income
gaurang gandhi
(Article)
(34 Points)
Replied 23 June 2012
JOHAN
(CA-FINAL)
(277 Points)
Replied 23 June 2012
disc allowed is dr nd the trader recorded as cr so in order 2 rectify it we need 2 give twice dr effect so it nullifies the cr effect......vice versa applies 4 disc recieved ........
Sameer
(EXPERT)
(173 Points)
Replied 23 June 2012
ans is d)56920
the dis allowed wrongly taken is to debited by double amount that is 580+580 & dis receive is also credited by double amount 665+665
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