Rectification of Errors one sided CA Foundation Accounting

Accounting Basics – CA Foundation – Rectification of Errors
In this video we explain how to rectify an error while recording and posting the transactions in different account books.
The video gives insight into “Rectification of Errors”, which comes under the syllabus of Accounting in CA Foundation.
How to rectify an error depends on the stage at which the error is detected.

These stages can be
1.Before preparation of TB
2.After TB but before the final accounts are drawn
3.After preparation of final accounts

STAGE -1: Before preparation of TB
We will first learn how to rectify errors for the first stage - Before preparation of TB.
These can be further categorized into two: where it is not possible to pass a complete journal entry (one-sided errors); and where complete journal entries are possible for rectification (two sided errors).
One sided errors (in Stage 1)
The first category - where it is not possible to pass a complete journal entry: These are called one-sided errors. These can be corrected by making just rectification statements in the appropriate side of the account, ie just on that side where it went wrong. Examples are certain errors of commission, partial omissions etc.

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Видео Rectification of Errors one sided CA Foundation Accounting канала FINMAESTRO