The document provides information about rectifying errors in financial accounts, including: 1. It discusses key accounting concepts and conventions like the business entity concept, dual aspect concept, and matching concept that are important for understanding rectification of errors. 2. It explains the different types of expenditures like capital expenditure, revenue expenditure, and deferred revenue expenditure and how to properly classify them. 3. It provides examples of common accounting errors like misclassifying expenditures and how to rectify the errors by making correcting journal entries. 4. It outlines the different stages where errors can occur and the appropriate approach to rectifying errors before or after preparing financial statements.

1. ST. Joseph’s College of Commerce, Bangalore presents to global students community RECTIFICATION OF ERRORS IN FINANCIAL ACCOUNTS Alternative work is rest All teachers Who teach Accounts At all levels CA-CPT ICWA Company secretary Sit, relax and enjoy Learn, unlearn and re-learn

2. How to Rectify Errors in Financial Accounts By Prof. Augustin Amaladas M.Com(Loyola college, Chennai),AICWA., PGDFM.,B.Ed. Simple to Tough errors and their rectifications Useful to CPT, ICWA,CS Students Useful To lecturers Who enter Into Teaching profession Alternative work is rest by S.L.Swamy

3. Dedicated to Prof.Dr. Victor Louis Anthuvan (St. Joseph’s College, Trichy) Sir made us to learn in a simple way My guru-Thank you sir. Dr. Abdul Kalam ex president Studied in St. Joseph’s College- Trichy Made the nation proud of. Dedicated to Rahul Dravid SJCC, Bangalore (Indian cricket captain)our student and my student.

53. 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

73. Thank you very much Help your father in cooking Help your mother If you want to take rest Sweep your room Alternative Work is rest