Errors & Its Rectification

Presented By:- Group - 4 Mudit Mittal Ekta Singh Apurv Maan Gunjan Srivastav Pramod Kumar Arpita Mathur

Errors & its rectification

Errors
The posting of correct amounts might have been done to wrong accounts or an entry might have been omitted in the journal or subsidiary books.

Types of ERRORS
Errors of omission. Errors of Commission. Errors of Principle. Compensatory Errors.

Cont

Errors of omission.
When no entry is made for a transaction in journal or in subsidiary books .

Errors of Commission.
Error of Commission related to the amount which is not correct.

Errors of Principle.
When we dont follow the correct rule.

Cont.

Compensatory Errors.
when 2 person are there & they compensates each other it is called Compensatory Errors.

Rectification of Errors
Errors which affect the trial balance.
These Errors are only in one account

Errors which

do not affect the trial

Balance.
Such Errors are committed in two or more accounts.

Thank You