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How to-rectify-errors-in-financial-accounts

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Khalid Aziz
Khalid Aziz
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How to Rectify Errors in Financial Accounts Simple to Tough errors and their rectifications Useful to B.COM,ICMAP & ICAP Students Useful To lecturers Who enter Into Teaching profession
JOIN KHALID AZIZ ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Let us under stand the basic rules, concepts and conventions ,[object Object]
1.concepts& conventions ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
a] Business entity concept- ,[object Object],[object Object],[object Object],[object Object]
b] Dual aspect concept ,[object Object],[object Object],[object Object],[object Object],[object Object]
c] Going concern concept ,[object Object],[object Object],[object Object]
d] Accounting period concept ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
e] Cost concept ,[object Object],[object Object],[object Object],[object Object],[object Object]
f] Money measurement concept ,[object Object],[object Object],[object Object],[object Object],[object Object]
Answer ,[object Object]
g] Matching Concept ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Matching concept- continues ,[object Object],[object Object]
Conventions ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Coservativism ,[object Object],[object Object],[object Object],[object Object],[object Object]
Materiality ,[object Object],[object Object],[object Object],[object Object]
Consistency ,[object Object],[object Object],[object Object],[object Object]
2.system of accounting (26) ,[object Object],[object Object]
2.Mercantile ,[object Object],[object Object],[object Object],[object Object],[object Object]
3.Types of Expenditure ,[object Object],[object Object],[object Object]
JOIN KHALID AZIZ ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
A) Capital expenditure(30) ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Capital expenditure-continue(page-30) ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Revenue Expenditure ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Wrong treatment? ,[object Object],[object Object]
[object Object],[object Object],[object Object],[object Object]
[object Object],[object Object],[object Object],[object Object]
[object Object],[object Object],[object Object]
Suppose you are a dealer in building(Real estate) ,[object Object],[object Object]
[object Object],[object Object],[object Object]
Deferred revenue expenditure(page-30) ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
5.Double entry / Single entry ,[object Object],[object Object],[object Object],[object Object]
Rules of accounting ,[object Object],[object Object],[object Object]
Personal rule ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Exercise ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Real rule ,[object Object],[object Object],[object Object]
Nominal rule ,[object Object],[object Object],[object Object]
Suitable questions to pass journal entry ,[object Object],[object Object],[object Object],[object Object]
Let us pass Correct Journal entries for a few transactions ,[object Object],[object Object],[object Object],[object Object]
Pass Journal entries ,[object Object],[object Object],[object Object],[object Object],[object Object]
JOIN KHALID AZIZ ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
2. ,[object Object],[object Object],[object Object],[object Object],[object Object]
3. ,[object Object],[object Object],[object Object],[object Object],[object Object]
4. ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],5
[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],6.
[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],7.
[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],8
[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],9
[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],10
[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],11
[object Object],[object Object],[object Object],[object Object],[object Object],12
[object Object],[object Object],[object Object],[object Object],[object Object],13
Rectification of Errors Before preparing Trial Balance After trial balance But before Trading, P/L and Balance sheet After preparing Trading and P/L and Balance sheet Hit the individual account Hit profit or reserve or Capital {do not bother about individual/nature Of expenditure} And hit the Balance sheet Only net balance if it affects Balance sheet www.augustin.co.nr
Basic rules for rectification-1 ,[object Object],[object Object],[object Object]
Basic rules for rectification-2 ,[object Object],[object Object],[object Object],[object Object]
[object Object],[object Object],[object Object],[object Object],[object Object]
How do you rectify wages? ,[object Object],[object Object],[object Object],[object Object],[object Object]
Rectification rule-3 ,[object Object],[object Object],[object Object]
Rectification of errors-Rule-4 ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Rectification of error-Rule 5 ,[object Object],[object Object],[object Object]
Example for suspense account ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Note: here suspense account is a credit balance as trial is not an account Since debit side of trial balance is more than credit side, suspense account is not a credit balance
[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Rectification of error-Rule-6
[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Exercise-1
[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Exercise-2
[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Exercise-3
[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Exercise-4
[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Exercise-5
[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Exercise-5 continues
[object Object],[object Object],[object Object],[object Object],[object Object],Exercise-6
[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Exercise-7
[object Object],[object Object],[object Object],Exercise-8
Rectification entry? ,[object Object],[object Object],[object Object],[object Object],[object Object]
JOIN KHALID AZIZ ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

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How to-rectify-errors-in-financial-accounts

  • 1. How to Rectify Errors in Financial Accounts Simple to Tough errors and their rectifications Useful to B.COM,ICMAP & ICAP Students Useful To lecturers Who enter Into Teaching profession
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  • 54. Rectification of Errors Before preparing Trial Balance After trial balance But before Trading, P/L and Balance sheet After preparing Trading and P/L and Balance sheet Hit the individual account Hit profit or reserve or Capital {do not bother about individual/nature Of expenditure} And hit the Balance sheet Only net balance if it affects Balance sheet www.augustin.co.nr
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Notes de l'éditeur

  1. Income tax, separate legal entity, amount withdrawn from bank for personal use, Income tax sec.2(1B)
  2. Human resource accounting,
  3. Made for each other, I love you so much, Dil mande more, olla udugi,
  4. Do people dance when they go for music program?Hard rock/Hindustony music/ carnatic music
  5. Indians risk taking ability increased. People invest in share market is an indicator of riskVenture capital funds.
  6. Fixed assets-valuation and current assets valuation, AS-06, AS-10