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Rectification

Investment were sold for Rs 75000 at a profit of Rs 15000 and passed through sales account


Divya Suriyakumar

Divya Suriyakumar

CA Inter

18K+

27-Feb-20

98

Answers (4)

Sales a/c dr 75 000 To investment a/c 60 000 To P/L a/c 15 000


jsome jsome

jsome jsome

CA Inter

570

27-Feb-20

Sales a/c 60,000 To investment a/c. 60,000


Nandeep Reddy

Nandeep Reddy

CA Final

170

27-Feb-20

There is no effect on profit and loss account


Nandeep Reddy

Nandeep Reddy

CA Final

170

27-Feb-20

Since 75,000 was credited to sales, entire amount must be reversed.


Suraj Lakhotia

Suraj Lakhotia

Admin

29-Feb-20

Flash Sale Byte size