Answer Posted / srikantpatnaik
Rectification of error : It means the original entry is
wrongly accounted and based on the facts of the transactions
you decide to correct it, so you pass another entry so that
you rectify the error made in the original entry.
ex- you have paid rent and booked the following entry
rent outstanding a/c ..Dr Rs.10,000
To cash a/c Rs.10,000
correction entry.
Rent Account Dr....Rs.10,000
To Rent Outstanding Rs.10,000
the result would be your rent outstanding a/c would become
zero in the ledger(which is basically wrongly used) and
correct account Rent (expense) would appear in the Trial
Balance.
The correction entry to set right the earlier mistake is
called rectification of errors.
| Is This Answer Correct ? | 1 Yes | 2 No |
Post New Answer View All Answers
How to post advance paid to a supplier in oracle jd edwards
Scope and nature of Accounting
if cheque bounced what we received from customers and payed to bank what entry should we create in single entry system
how to pass this entry in tally? Dear Sir, I have just started learning tally . I am practicing tally. and I am following 11th Std book for practicing. Please help me with the following entry. I know dr and cr part but having problem in grouping. Please Help. Introduced goods of Rs 10,000, cash Rs 15,000, furniture Rs 5000, debtors of Rs 1000 and commenced business. What will be the entry and group for each ledger. Please Help.
what is the entry of credit card received excess amount entry in tally and their under group names
whether sale and purhases of cf agent are his and he is liablte to pay VAT on sale of goods and pay the tax to govt collected by him one more being receiving commission of saleproceed during the year whose stock would be it it is of c f agent or principal manufctrurer who has send the goods to sold on his behalf
What is meant by balancing?
What is the difference between Accruals and Provisions?
Tell me do you think accounting standards are mandatory and why?
what are your current financial and accounting projects? What is your role?
Cash Processing
What is debit and credit note?
Have you ever heard about tds, what it is?
What is meant by turnover?
Who is debtor purchaser
