Goods worth Rs 1550 were purchased from Mayuri. It was recorded as Rs 1500 by mistake. Which account shall be debited & by what amount to rectify this mistake?

Mayuri`s account by Rs 50

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Purchase account by Rs 50

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Purchase account by Rs 500

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Mayuri`s account by Rs 500

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Solution

The correct option is B
Purchase account by Rs 50

Purchase has a debit balance which is recorded less by Rs 50, hence purchase account shall be debited.

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