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

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Khalid Aziz
Khalid Aziz

The document discusses basic accounting concepts, conventions, and rules for rectifying errors in financial accounts. It covers the concepts of business entity, dual aspect, going concern, accounting period, cost, and money measurement. It also discusses the conventions of conservatism, materiality, and consistency. The document provides examples of different types of transactions and how to pass correcting journal entries for errors.

EducationBusinessTechnology
1 of 75
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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Editor's Notes

  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