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Rectification of errors
Accountancy
In sub question 6 , why p&l adjustment is not debited with 1000 ,y only gain on sale is debited??
Answers (5)
roshini reddy
The goods are with customer right then why will you debit 1000 ? Only the profit we will reverse i.e 25% and the rest 800 we will add back to inventory so debit
Ma'am usually we reverse the sale entry right ma'am. In this entry also , they have credited customers acc and y not debiting sales acc ma'am??
Thread Starter
Reetikaa RMa'am usually we reverse the sale entry right ma'am. In this entry also , they have credited customers acc and y not debiting sales acc ma'am??
When were the errors detected? In the next trading period that means next financial year Then what do we do use P & L adjustment account If it is detected in same year that is before the approval or audit they mention then we debit sales , please watch rectification chapter again and ask if you dont understand
roshini reddy
When were the errors detected? In the next trading period that means next financial year Then what do we do use P & L adjustment account If it is detected in same year that is before the approval or audit they mention then we debit sales , please watch rectification chapter again and ask if you dont understand
Ma'am this type.entry not taught in class ma'am I mean ,sale or return basis ma'am
Thread Starter
Reetikaa RMa'am this type.entry not taught in class ma'am I mean ,sale or return basis ma'am
Sale or return basis, we have a separate module on that with Illustrations. Here, I hope above answer clarifies.
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