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प्रश्न
What is the first step when rectifying a wrongly recorded transaction according to the standard formula?
विकल्प
Rewrite the correct entry
Calculate the profit or loss
Reverse (cancel) the wrong entry
Close the suspense account
MCQ
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उत्तर
Reverse (cancel) the wrong entry
Explanation:
According to the rectifying entry formula, first, the wrong effect is reversed (cancelled), and then the correct effect is recorded in the accounts.
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