Q. A trade purchase of ` 5,500 from Y was passed through Sales Day Book as ` 550, what rectification entry would be passed if the mistake is detected before preparation of Trading and Profit & Loss A/c (Solved)
1. Sales A/c ….Dr. ` 550, Purchase A/c ….Dr. ` 5,500, Y‘s A/c Cr. ` 6,050
2. Profit and Loss Adjustment A/c ….Dr. ` 6,050, Y‘s A/c Cr. ` 6,050
3. Sales A/c ….Dr. ` 550, Purchase A/c ….Dr. ` 5,500, Suspense A/c Cr. ` 6,050
4. None
- a. Sales A/c ….Dr. ` 550, Purchase A/c ….Dr. ` 5,500, Y‘s A/c Cr. ` 6,050