he narration for the following journal entry could be,Received discount A/C - Dr 3000Discount allowed A/C - Dr 3000Suspense A/C 60001. Rectifying the error of recording an allowed discount of Rs. 3000 to the received discount account2. Rectifying the error of debiting an allowed discount of Rs. 3000 to the received discount3. Rectifying the error of crediting a received discount of Rs. 3000 to discount allowed a/c4. Rectifying the error of missing an allowed discount of Rs. 30005. Rectifying the error of not extracting the allowed and received discounts to the trial balance.
Question
he narration for the following journal entry could be,Received discount A/C - Dr 3000Discount allowed A/C - Dr 3000Suspense A/C 60001. Rectifying the error of recording an allowed discount of Rs. 3000 to the received discount account2. Rectifying the error of debiting an allowed discount of Rs. 3000 to the received discount3. Rectifying the error of crediting a received discount of Rs. 3000 to discount allowed a/c4. Rectifying the error of missing an allowed discount of Rs. 30005. Rectifying the error of not extracting the allowed and received discounts to the trial balance.
Solution
The narration for the given journal entry could be:
- Rectifying the error of recording a discount allowed of Rs. 3000 to the received discount account.
- Rectifying the error of debiting a discount allowed of Rs. 3000 to the received discount account.
- Rectifying the error of crediting a received discount of Rs. 3000 to the discount allowed account.
- Rectifying the error of missing a discount allowed of Rs. 3000.
- Rectifying the error of not extracting the allowed and received discounts to the trial balance.
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