Credit sales of Rs.5750 to M/s Ram was wrongly debited to Mr. Ram's Account. On rectification of the error the profit and loss_______.

will remain same

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decrease by Rs. 5750

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increase by Rs.5750

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increase to the extent of gross profit margin

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Solution

The correct option is B will remain same
Credit sales has to be debited to Mr. Ram's Account. There will be no affect of such entry on profit & loss account as sales is recorded correctly.

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Similar questions

Q. Credit sales of Rs.5000 was wrongly credited to office equipment. On rectification of this error next year _______.

Q. Sales of trading goods accounting to Rs. 6540 was wrongly recorded in sales day book as Rs.5640, however, the mistake was rectified before finalization of accounts. On rectification of the error before preparation of Final accounts, the profit and loss of the firm will ______.

Rectify the following errors:

(a)	Furniture purchased for Rs 10,000 wrongly debited to purchases account.
(b)	Machinery purchased on credit from Raman for Rs 20,000 was recorded through purchases book.
(c)	Repairs on machinery Rs 1,400 debited to machinery account.
(d)	Repairs on overhauling of secondhand machinery purchased Rs 2,000 was debited to Repairs account.
(e)	Sale of old machinery at book value of Rs 3,000 was credited to sales account.

R s .4, 500

received from M/s Ram was credited to Mr. Ram a/c. How will this affect the profit or loss?

Sohan’s A/c is debited by Rs. 2,500 while it was to be debited by Rs. 3,500 and Mohan’s A/c is debited by Rs. 3,500 while the same was to be debited by Rs. 2,500. For this error, which of the following can be a rectifying entry?

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Credit sales of Rs.5750 to M/s Ram was wrongly debited to Mr. Ram's Account. On rectification of the error the profit and loss_______.

The correct option is B will remain sameCredit sales has to be debited to Mr. Ram's Account. There will be no affect of such entry on profit & loss account as sales is recorded correctly.

The correct option is B will remain same
Credit sales has to be debited to Mr. Ram's Account. There will be no affect of such entry on profit & loss account as sales is recorded correctly.