PPT - Rectification of Errors | Principles and Practice of Accounting - CA Foundation PDF Download

 Page 1


 
 
 
CPT Fundamentals Of Accounting Chapter 2 Unit 8 
CA.V.K.Jain 
   
Page 2


 
 
 
CPT Fundamentals Of Accounting Chapter 2 Unit 8 
CA.V.K.Jain 
   
Different types of errors. 
One sided and two sided errors. 
Suspense account. 
Steps involved in locating errors : 
Before preparation of TB 
After TB but before final accounts  
After final accounts – in the next year 
Page 3


 
 
 
CPT Fundamentals Of Accounting Chapter 2 Unit 8 
CA.V.K.Jain 
   
Different types of errors. 
One sided and two sided errors. 
Suspense account. 
Steps involved in locating errors : 
Before preparation of TB 
After TB but before final accounts  
After final accounts – in the next year 
Unintentional omission or mistake in the process 
of recording transactions. 
May be due to Mathematical mistakes ,  
At the time of applying principles and policies ,  
Misinterpretation of facts or Oversight 
Page 4


 
 
 
CPT Fundamentals Of Accounting Chapter 2 Unit 8 
CA.V.K.Jain 
   
Different types of errors. 
One sided and two sided errors. 
Suspense account. 
Steps involved in locating errors : 
Before preparation of TB 
After TB but before final accounts  
After final accounts – in the next year 
Unintentional omission or mistake in the process 
of recording transactions. 
May be due to Mathematical mistakes ,  
At the time of applying principles and policies ,  
Misinterpretation of facts or Oversight 
Wrong entry. 
Wrong posting from cash and subsidiary books. 
Wrong casting of subsidiary book. 
Wrong casting of ledger balances. 
Page 5


 
 
 
CPT Fundamentals Of Accounting Chapter 2 Unit 8 
CA.V.K.Jain 
   
Different types of errors. 
One sided and two sided errors. 
Suspense account. 
Steps involved in locating errors : 
Before preparation of TB 
After TB but before final accounts  
After final accounts – in the next year 
Unintentional omission or mistake in the process 
of recording transactions. 
May be due to Mathematical mistakes ,  
At the time of applying principles and policies ,  
Misinterpretation of facts or Oversight 
Wrong entry. 
Wrong posting from cash and subsidiary books. 
Wrong casting of subsidiary book. 
Wrong casting of ledger balances. 
Credit purchases of Rs. 5,000 has been entered in 
purchase day book as Rs. 6,000. 
Total of sales book has been under casted by Rs. 1,000. 
Furniture purchased has been entered in Purchase Day 
Book. 
Salary paid 10,000 has been posted to Salary account 
as 1,000.