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Rectification of Error - [ CA Foundation PPA ]

 

Meaning of Rectification of Error 


Rectification of Error means to improvement of all type mistakes in the books of accounts and financial statements which affects one account or both account. Main aim of rectification of errors to show correct financial statements. 

Steps of Rectification of Error 

1st Step : Find the Mistakes

2nd Step : Write Mistake 

3rd Step : Write the Correct Journal Entry or Account or Amount which Affects one account or both account

4th Step : Write Rectify Journal Entry or Account 


Example 

suppose you wrote Rs. 1000 as sake instead of RS.2000 sale which was correct .


Its wrong is journal entry is


cash account Dr. 1000

To Sale account 1000


In rough paper you should also write correct journal entry


Cash account Dr. 2000

To sale account 2000


Then now your are analyst you should see that 1000 is less in both side so for making the correctness pass another journal entry of Rs. 1000 

Cash account Dr. 1000

To Sale Account 1000

This entry is called rectify entry .


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Rectification of Error [ CA Foundation PPA]

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Accounting Education: Rectification of Error - [ CA Foundation PPA ]
Rectification of Error - [ CA Foundation PPA ]
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