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Rectification
Accountancy
In this photo explain e point( second from last) without preparing a suspense account
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
Thread Starter
Prasanth kumar KamisettyWhat if suspense A/c is prepared
U will debit suspense and credit discount received U will debit party account and credit suspense account
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