• In this session, the chapter of Correction of errors and profit figures have been fully discussed. The chapter consists of

  Types of errors:

      Errors not affecting the trial balance:

  •           Error of omission
  •           Error of duplication
  •          Error of commission
  •          Error of principle
  •         Error of original entry
  •         Compensating error
  •        Complete reversal of entries

      Errors affecting the trial balance

  •         Omission in posting
  •         Posting on the wrong side of the account
  •        Posting of a wrong amount
  •        Double posting in an account
  •       Errors in casting a book of original entry
  •       Posting in incorrect account

  Suspense account

  Examples

  Correction of balance sheet items

  The notes have been uploaded in the exercise section.

• Session 7: Correction of errors and profit figures

  • Correction of errors and profit figures
    • Part 1 16 mins
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      Demo video

      Part 1

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    • Part 2 12 mins
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      Demo video

      Part 2

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    • Part 3 9 mins
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      Demo video

      Part 3

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    • Part 4 7 mins
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      Demo video

      Part 4

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• Excercise Files

  • Correction of errors and profit figures
    • Notes
    • Example 1
    • Example 2

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