One sided errors are corrected through suspense or capital account
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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
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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