Company purchased furniture worth Rs 1 lakh but it was wrongly recorded remedy to this problem will affect__________.

One account

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Two account

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It is an independent account

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It can not be rectified

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Solution

The correct option is B Two account
Company purchased furniture worth Rs 1 lakh but it was wrongly recorded, It will affect Two Account as it will increase the account in which it is wrongly debited and will decrease the furniture account.
For Example : If Furniture purchased costing Rs 500, wrongly entered in purchase book then the correct entry should be Furniture A/c Dr to Purchases A/c by Rs 500.

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