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How are entries rectified before preparing trial balance?
Rectification of errors can be classified into two types, namely single side error and double side error, if the error is identified before preparing trial balance.
- Single side error
Entry is rectified by an appropriate posting in an affected account.
Example − Entry in purchase account over casted by Rs. 15,000/-
Correction −
| Dr. Cr Purchase account | ||||
|---|---|---|---|---|
| Particulars | Amount (in rupees) | Particulars | Amount (in rupees) | |
| To | By error − wrong posting | 15000 | ||
- Double side error
While correcting the error, following principles are followed −
- Identify the correct entry.
- The entry is recorded.
- Rectification of entry.
Example − Company purchased a building worth of Rs.5,00,000/- and while recording, they wrongly passed in the purchased account.
The rectification is as follows −
| Particulars | Debit | Credit |
|---|---|---|
| Building A/c To cash A/c | 500000 | 500000 |
| Purchase A/c To cash A/c | 500000 | 500000 |
| Building A/c To cash A/c | 500000 | 500000 |
Updated on: 12-Jul-2021
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