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-   -   Rectification of errors (https://www.askmehelpdesk.com/showthread.php?t=681788)

  • Jul 11, 2012, 11:26 PM
    susmithasree
    Rectification of errors
    Goods worth rs.500 returned to anthony were entered in the purchases day day book and debited to the account of anthony..
    What is the rectification entry??
  • Jul 12, 2012, 06:36 AM
    pready
    You need to know what the correct journal entry should have been. Then you simply reverse the first entry and now you can journalize the correct entry.

    The correct entry should have been:
    Debit Purchase Returns and Allowancees for 500
    Credit Accounts Receivable for 500

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