Answer / sridhar.s

Posting of wages twice can be rectify as follows.
Actual
Wages A/c. Dr. XXX
To Cash A/c. Cr. XX
(payment of wages through cash)

For Rectification

Cash A/c. Dr. XXX
To Wages Cr. XXX
(wrongly posted wages entry is rectified)

Answer / biswajit kolay

Posting of wages twice can be rectify as follows.
Actual
Wages A/c. Dr. XXXX
To Cash A/c. Cr. XXXX
(payment of wages through cash)

For Rectification

Wages Posted Twice A/c Dr XX
to Wages A/c Cr.XX


Cash A/c. Dr. XX
To Wages Posted Twice A/c Cr. XX

Explain me your current/former role, your responsibilities, and how success is/was measured?

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Sanjay Ltd invited applications from the public for the issue of 10,000 equity shares of Rs. 10 each at a premium of 20%, payable Rs. 3 on application; Rs. 5 on allotment including premium and the balance in two calls of an equal amount. Applications for 15,000 equity shares were received. The directors allotted 10,000 shares to all the applicants on pro-rata basis adjusting the excess application money towards allotment. All money due on allotment and calls were received. Give journal entries to record the above transactions in the books of the company. Also show the balance sheet.

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