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Rectification of Errors Q.no. 4 (c) and (f)
Accountancy
Please help somebody
Answers (12)
Jitendra Kumar
C) Debtor A/c Dr To Bills receivable f) Mistake did only in depreciation accout. So, Depreciation A/c Dr To suspense A/c
Thank you but (f) will be Dep A/C Dr To P and L A/C as it is for next year
Thread Starter
Ardhendu Sekhar AcharyaOk but Debit side will be P and L A/C
You will charge it to p and l but before that this is the entry
Dhakshana Dhakshana
4(c) Govind Dr To B/R ac cr
Why Govind is debited ? Can you please explain ? Because we should credit the giver by law Why is Govind on debit side ?
Dhakshana Dhakshana
You will charge it to p and l but before that this is the entry
What is the answer to be written on the answer sheet against this bit ?
Thanusha Lakshmi
Because once the bill is dishonoured then debtor still becomes debtor and his liability will not be discharged
So as he stands as a debtor he shall be debited
Thread Starter
Ardhendu Sekhar AcharyaWhy Govind is debited ? Can you please explain ? Because we should credit the giver by law Why is Govind on debit side ?
The bill is dishonored meaning here after he will not pay the money through BOE instrument but he is not discharged from his liability now we won't receive B/R but instead he will be our new debtor as a debtor he will have to pay the money