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Accounting & Finance for Bankers - 1 (JAIIB)

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Multiple Choice

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?

  1. Debit X Ltd. account and credit sales account with Rs. 15400
  2. Debit X Ltd. account and credit sales account with Rs. 900
  3. Debit sales account and credit X Ltd. account with Rs. 900
  4. Debit cash account and credit sales account with Rs. 900
  5. None of these
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