Goods worth Rs.24,000 were returned by X. The accountant, however, credited the sales returns account by...

   

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Goods worth Rs.24,000 were returned by X. The accountant, however, credited the sales returns account by Rs.42,000. In order to rectify this error, what should be done? Rs.331 received from Mr. X is debited to his account as Rs.313. The rectifying journal will be: A Suspense A/c Dr. Rs.331 B To X 331 D X Dr. Rs.313 To Suspense A/c Rs.313 C Suspense A/c Dr. Rs.644 To X Rs.644 Suspense A/c Dr. Rs.18 To X Rs.18 Goods worth Rs.24,000 were returned by X. The accountant, however, credited the sales returns account by Rs.42,000. In order to rectify this error, what should be done? Rs.331 received from Mr. X is debited to his account as Rs.313. The rectifying journal will be: A Suspense A/c Dr. Rs.331 B To X 331 D X Dr. Rs.313 To Suspense A/c Rs.313 C Suspense A/c Dr. Rs.644 To X Rs.644 Suspense A/c Dr. Rs.18 To X Rs.18

Answer rating: 100% (QA)

Correct option is C Correct entry for the given transaction Sales Return Ac DrRs24 000 To ... View the full answer