A Cheque Received From Mr. A, A Debtor, For Rs. 4000 Was Directly Received By The Proprietor Who Deposited It Into His Personal Bank Account. Pass Rectify Journal Entry
Here, we record the Rectification Entry to get the correct results before the preparation of Trial Balance . When the cheque / check received by proprietor / sole owner from Mr. A ( Accounts Receivable / Sundry Debtor ) of Rs. 4000 and deposited into business' bank account, then from the business points of view, we record the following correct entry as shown below: Correct Entry Bank a/c 4000 Mr. A a/c 4000 (Cash Received From Mr. A And Deposited Into Bank) But, when the proprietor directly received the cash from the customer, Mr. A, but deposited into his personal bank account, then from the point...