Goods worth Rs 1550 were sold to Sujata. It was recorded as Rs 1050 instead of Rs 1550. To rectify this mistake which of the following is correct?

Suspense account shall be debited by Rs 500

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Sales account shall be credited by Rs 500

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Sujata`s account shall be debited by Rs 500

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B & C both

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Solution

The correct option is D
B & C both

In this case Sujata`s account shall be debited while sales account shall be credited by Rs 500.

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Goods worth Rs 1550 were sold to Sujata. It was recorded as Rs 1050 instead of Rs 1550. To rectify this mistake which of the following is correct?

The correct option is D B & C both In this case Sujata`s account shall be debited while sales account shall be credited by Rs 500.

The correct option is D
B & C both

In this case Sujata`s account shall be debited while sales account shall be credited by Rs 500.