Question

Excess of debit of an account can be rectified by ____________ the same account.​

Answer 1

Answer:

crediting

Explanation:

for every debit entry, there must be a credit entry of an equal amount.

so if debit has an excess, this would be rectified by passing a credit entry with that excess amount.

Answer 2

Answer:

When a fundamental principle of accounting is violated, while recording a transaction, it is known as an error of principle. For example: -

1. Purchase of furniture is debited to the Purchases A/c instead of Furniture A/c.

2. Repairs of old machinery are debited to the Machinery A/c instead of Repairs A/c.