• 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
      View Demo

      Demo video

      Part 1

      View Full Lesson
    • Part 2 12 mins
      View Demo

      Demo video

      Part 2

      View Full Lesson
    • Part 3 9 mins
      View Demo

      Demo video

      Part 3

      View Full Lesson
    • Part 4 7 mins
      View Demo

      Demo video

      Part 4

      View Full Lesson

• Excercise Files

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

Related Courses

Session 20

Statement of financial position part 3

Statement of financial position part 3..

1 Lectures

498 Views

Session 13

Trial Balance part 3

Trial Balance part 3..

3 Lectures

568 Views

Session 18

Statement of financial position part 1 and part 2

Statement of financial position part 1 and part 2..

2 Lectures

477 Views