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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.
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Company ABC split 1:3 on March 31, 2009 and split 3:1 on March 31, 2008. Date Close Price # of Shares Revised Closed Price Revised # of Shares June 15, 2009 $75.00 3000 $75.00 April 23, 2009 $72.00 2300 $72.00 March 31, 2009 $67.00 999 $ March 31, 2008 $275.00 300 $91.66 November 30, 2007 $233.00 6800 $77.66 October 6, 2006 $1,333.00 13000 $444.33
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