A loan of Rs. 1,00,000 was taken from a friend Ram, but instead it was recorded as Rs. 10,000 in the books. To rectify this mistake which of the following is correct?

Ram`s loan account shall be debited by Rs. 90,000

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Ram`s loan account shall be credited by Rs. 90,000

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Bank account shall be debited by Rs. 90,000

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(b) and (c) above.

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Solution

The correct option is D (b) and (c) above.
To rectify this error bank account shall be debited & Ram's loan account shall be credited by Rs. 90,000.

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A loan of Rs. 1,00,000 was taken from a friend Ram, but instead it was recorded as Rs. 10,000 in the books. To rectify this mistake which of the following is correct?

The correct option is D (b) and (c) above.To rectify this error bank account shall be debited & Ram's loan account shall be credited by Rs. 90,000.

The correct option is D (b) and (c) above.
To rectify this error bank account shall be debited & Ram's loan account shall be credited by Rs. 90,000.