Hi.
I have done a mistake in cash payment,
both cr dr is done is cash in hand
how should i correct it? give suggestion that how to take entry?

Question

Muhammad Azhar Zahid · Answer

The Entry you made has no impact on cash balance ultimately. So Just cancel it and make a new entry with correct debit and credit impact.

If u don't cancel wring entry, even then the trial will remain the same.

Rahamathullah Akbar · Answer

We done a mistake means we should cancel the entry of reverse the entry

Renuka Pillai · Answer

Rectify the entry:-

step 1:what was the wrong entry made

step 2:what entry should have been made

step 3: analyze both step and come up with correcting entry.

Muhammed Abid · Answer

we will cancel the entry no and rectify entry

carina talavero · Answer

We can refund if allowed, and do it again from the beginning and avoid mistake.