Lesson06 4g
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This document provides instructions for correcting three types of errors that may occur when posting transactions to a worksheet: posting to the wrong account, entering an incorrect amount, or posting an amount to the wrong column. For each error, the instructions specify drawing a line through the incorrect entry, recording the correct information, recalculating the affected account balance, and correcting the worksheet.
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To erro is human. This is the reason that in spite of being careful and sometimes due to carelessness, different types of errors are made by the accountant. Some inaccuracies or errors are such that they do not affect the total of trial balance; But there are some errors which affect the sum of trial balance. In order to reveal the true position of the business, it is necessary that errors are detected and necessary accounts are made for correction. This action is called ‘correction of inaccuracies or errors’.
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In fact, some people think that by erasing the errors with an eraser, a clean account should be made in their place, or by cutting out the error, making a clean account in its place and signing it there, but by doing this, the accounts get mutilated and dirty. will go and the accounts will not be reliable, so it would be appropriate that Accounting Entries should be made for the correction of errors. The adverse effects of errors can be neutralized and cancelled by accounting entries
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- 1. LESSON 6-4 Finding and Correcting Errors on the Work Sheet
- 2. CORRECTING AN ERROR IN POSTING TO THE WRONG ACCOUNT page 168 1. Draw a line through the entire incorrect entry. Recalculate the account balance and correct the work sheet. 2. Record the posting in the correct account. Recalculate the account balance, and correct the work sheet. 2 Correct entry 1 Incorrect entry
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