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How To Rectify Errors In Financial Accounts

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Augustin Bangalore
Augustin Bangalore

Financial Accounts

NegóciosEconomia e finanças
1 de 74
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
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
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.
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]
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]
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
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
Rectification entry? ,[object Object],[object Object],[object Object],[object Object],[object Object]

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How To Rectify Errors In Financial Accounts

  • 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.
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  • 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
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  • 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
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