Rectification

Accountancy

Investment were sold for Rs 75000 at a profit of Rs 15000 and passed through sales account

DIVYA S

CA Final

★ 55K+

27-Feb-20 15:39

1K+

Answers (4)

Sales a/c dr 75 000 To investment a/c 60 000 To P/L a/c 15 000

jsome jsome

CA Inter

★ 575

27-Feb-20 16:00

Sales a/c 60,000 To investment a/c. 60,000

Nandeep Reddy

CA Final

★ 170

27-Feb-20 22:44

There is no effect on profit and loss account

Nandeep Reddy

CA Final

★ 170

27-Feb-20 22:45

Since 75,000 was credited to sales, entire amount must be reversed.

CA Suraj Lakhotia

Admin

29-Feb-20 06:19