Accountancy, asked by gaganjotkaur59, 8 months ago

One sided errors are corrected through suspense or capital account

Answers

Answered by Anonymous
2

Answer:

In such a case Suspense Account is carried forward to the next accounting year. If the errors affect the nominal accounts, then the profit will be increased or decreased. ... After the rectification of errors, the balance in the Profit & Loss Adjust Account is transferred to Capital Account

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Answered by lalithagajelli1969
1

Explanation:

In such a case Suspense Account is carried forward to the next accounting year. If the errors affect the nominal accounts, then the profit will be increased or decreased. ... After the rectification of errors, the balance in the Profit & Loss Adjust Account is transferred to Capital Account

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