MCQOPTIONS
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MCQOPTIONS
| 1. |
A trade purchase of ` 5,500 from Y was passed through Sales Day Book as ` 550, what rectification entry would be passed if the mistake is detected before preparation of Trading and Profit & Loss A/c |
| A. | Sales A/c ….Dr. ` 550, Purchase A/c ….Dr. ` 5,500, Y‘s A/c Cr. ` 6,050 |
| B. | Profit and Loss Adjustment A/c ….Dr. ` 6,050, Y‘s A/c Cr. ` 6,050 |
| C. | Sales A/c ….Dr. ` 550, Purchase A/c ….Dr. ` 5,500, Suspense A/c Cr. ` 6,050 |
| D. | None |
| Answer» B. Profit and Loss Adjustment A/c ….Dr. ` 6,050, Y‘s A/c Cr. ` 6,050 | |