A credit sale of old furniture to rohan for Rs 170 posted as Rs 710.
can any one tel me how to rectify this and is this a one sided error or two sided error ???
Vikas Gupta
(Tax Executive)
(530 Points)
Replied 16 August 2014
This is two sided error & can be rectified by any of the following ways --
Method 1: Pass two journal entries --
(I) Furniture A/c Dr. 710
To Rohan 710
(Being the reversal of sale of furniture)
(II) Rohan Dr. 170
To Furniture A/c 170
(Being correction of sale of furniture entry passed before)
Method 2: One rectifying entry instead of the two --
Furniture A/c Dr. 540
To Rohan 540
(Being the rectifying entry paased for sale of furniture)
I would advise to suggest method 1 so that in case of any problem, entry may easily be traced.
ali
(Student CA CPT )
(130 Points)
Replied 18 August 2014
sir here credit sale of old furniture to rohan for Rs 170 posted as Rs 710. posted means posting from original book to ledger account or what sir ????
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