Give the meaning of rebate.
A rebate is a payment back to a buyer of a portion of the full purchase price of a good or service. This payment is typically triggered by the cumulative amount of purchases made within a certain period of time.
The rebate is not paid until 10,000 units have been ordered by and shipped to the buyer.
Show the effect through Journal entries:
Credit sales to Mohan 10,000 were posted to his account as 12,000
This is an error of ..................................
The wrong effect has been:
The correct effect should have been:
The rectification entry will be.
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Welcome to the NCERT Solutions for Class 11 Accountancy - Chapter . This page offers a step-by-step solution to the specific question from Excercise 1 , Question 14: Give the meaning of rebate.....
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