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what is the diff between reversal and cancellation entries?
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Answer Posted / sangeetha g
I agree with S Subhalaxmi. I have another answer too
reversal for rectification for closed period. cancellation
for open period. I mean
exp: wrong entry for rs.100 on APR 8 2009. if closed period
is Mar 08 to Apr 09. Once we closed the book as of Apr 09
and realised the rs.100 wrong so I can't cancel the entry
due to closed i can reverse in MAy 1 2009.
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