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Rectification of Errors

Accounts · Chapter 14 · 8. Rectification of Errors

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Topics 4

  1. Types of errors: omission, commission, principle and compensating errors
  2. Rectification before and after preparing the trial balance; use of the suspense account
  3. Preparing the suspense account
  4. Rectification after preparing final accounts through the Profit and Loss Adjustment Account