CBSE Class 11-commerce Answered
Rs 1700 paid in cash for office equipments were charged to office expense account.Rectify
Asked by akkdsdsd4 | 12 Feb, 2019, 05:49: PM
Expert Answer
Office equipment purchased should have been debited to the Asset Account (Office Equipment Account) and not shown as an expense (office expense). However, credit to Cash Account is correctly given. Therefore, to rectify the error following entry is to be passed:
Office Equipment Account Dr. 1700
To Office Expense Account 1700
(Being expense wrongly booked now reversed and amount correctly debited to Office Equipment Account)
Answered by Surabhi Gawade | 13 Feb, 2019, 09:08: AM
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