give five examples of one sided errors
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One sided errors:
Only one side of the account, that is either credit or debit, is affected by errors is called one-sided errors. For example: Posting a wrong amount, wrong totaling of subsidiary books, posting on the wrong side. This error is rectified by posting additional information on the affected side of the ledger account.
One sided errors can be rectified in any of two cases:
1) Before preparing the Trial Balance
2) After preparing the Trial Balance
Rectification of Errors Located Before Preparation of Trial Balance:
Error can be found when closing a book and account for preparing the trail balance. This kind of error can be one sided or two sided errors. These errors are rectified immediately when they are found.
Rectification of Errors after Preparation of Trial Balance:
Some errors are found after the accounting year is closed or after preparing the trail balance.
These errors can be one-sided or two-sided errors. These errors can be rectified by preparing rectifying journal entries in the following year only.
Example:
Errors in totaling of subsidiary books
There is an over cast in the purchase book by Rs.600.
Rectification:
Over casting will result in excess debit of purchase a/c, hence, it should be credited with Rs.600.
Example:
A total of Rs.596 in the purchases book has been carried forward as Rs.695
Rectification:
The effect of this error is that purchase a/c will be debited more by Rs.99 (695 – 596). Hence purchase a/c should be credited with Rs.99.
Example:
Errors of Posting
Purchases from Anish for Rs.2000 have not been posted to his personal a/c.
Rectification:
Anish a/c should be credited with Rs.2000.
Only one side of the account, that is either credit or debit, is affected by errors is called one-sided errors. For example: Posting a wrong amount, wrong totaling of subsidiary books, posting on the wrong side. This error is rectified by posting additional information on the affected side of the ledger account.
One sided errors can be rectified in any of two cases:
1) Before preparing the Trial Balance
2) After preparing the Trial Balance
Rectification of Errors Located Before Preparation of Trial Balance:
Error can be found when closing a book and account for preparing the trail balance. This kind of error can be one sided or two sided errors. These errors are rectified immediately when they are found.
Rectification of Errors after Preparation of Trial Balance:
Some errors are found after the accounting year is closed or after preparing the trail balance.
These errors can be one-sided or two-sided errors. These errors can be rectified by preparing rectifying journal entries in the following year only.
Example:
Errors in totaling of subsidiary books
There is an over cast in the purchase book by Rs.600.
Rectification:
Over casting will result in excess debit of purchase a/c, hence, it should be credited with Rs.600.
Example:
A total of Rs.596 in the purchases book has been carried forward as Rs.695
Rectification:
The effect of this error is that purchase a/c will be debited more by Rs.99 (695 – 596). Hence purchase a/c should be credited with Rs.99.
Example:
Errors of Posting
Purchases from Anish for Rs.2000 have not been posted to his personal a/c.
Rectification:
Anish a/c should be credited with Rs.2000.
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