20% off ACCA & CIMA Books

OpenTuition recommends the new interactive BPP books for December 2025 exams.
Get your discount code >>

Errors

This topic has 1 reply, 2 voices, and was last updated 6 years ago by John Moffat.

Viewing 2 posts - 1 through 2 (of 2 total)

Author
Posts
October 12, 2018 at 1:28 pm #477537
accastudent22
Member
- Topics: 2
- Replies: 0
i am confused in this transaction that is discount allowed 48 had been entered in the error on the debit side of the discount received account.I want to know the explanation of the correction of this error.
October 13, 2018 at 11:17 am #477758
John Moffat
Keymaster
- Topics: 57
- Replies: 54752
The correct entry is to debit discounts allowed account.
So to correct the mistake, credit discounts received (to remove what should not be there), and debit discounts allowed.
Author
Posts

Viewing 2 posts - 1 through 2 (of 2 total)

You must be logged in to reply to this topic.