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Rectification

In this photo explain e point( second from last) without preparing a suspense account

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d2d12dc9-ada2-4a41-ba13-1f9864fb71d3.jpg


Prasanth kumar Kamisetty

Prasanth kumar Kamisetty

CA Foundation

11K+

30-Jul-20 16:11

27

Answers (3)

Discount received (gain) should be credited and party giving it should be debited. Thus the rectification entry should be Red & Black A/c Dr... 15 To Discount Received 15 If this entry is not passed, a credit balance will remain in Red & Black a/c though the transaction is settled and closed


sudha reddy

sudha reddy

Moderator

03-Aug-20 09:18

What if suspense A/c is prepared


Prasanth kumar Kamisetty

Prasanth kumar Kamisetty

CA Foundation

11K+

03-Aug-20 09:49

What if suspense A/c is prepared

U will debit suspense and credit discount received U will debit party account and credit suspense account


sudha reddy

sudha reddy

Moderator

03-Aug-20 10:06

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