Hans Raj Traders paid Rs 25000 to Peepal Traders (a supplier of goods). This transaction is recorded for Rs 2500 instead of Rs 25000. Which of the following accounts shall be debited?

Hans Raj Trader`s account

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Peepal Trader`s account

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Cash Account

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Purchases account

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Solution

The correct option is B
Peepal Trader`s account

Rectifying Entry shall be:
Peepal Trader`s A/c Dr Rs 22,500
To Cash A/c Rs 22,500

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Hans Raj Traders paid Rs 25000 to Peepal Traders (a supplier of goods). This transaction is recorded for Rs 2500 instead of Rs 25000. Which of the following accounts shall be debited?

The correct option is B Peepal Trader`s account Rectifying Entry shall be: Peepal Trader`s A/c Dr Rs 22,500 To Cash A/c Rs 22,500

The correct option is B
Peepal Trader`s account

Rectifying Entry shall be:
Peepal Trader`s A/c Dr Rs 22,500
To Cash A/c Rs 22,500