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Accounting & Finance for Bankers - 1 (JAIIB)
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What will be the journal entry if credit sales of Rs. 15400 of X Ltd. have been entered in sales day book as Rs. 14500. Which of the following entries will correct this error?
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A
Debit X Ltd. account and credit sales account with Rs. 900
💡 Explanation:
Both sales and X Ltd. accounts are understated by Rs. 900. Entries are required to increase the amount due from X Ltd. and increase sales by crediting the sales account.