Rectification of Errors | Suspense A/c | Profit and Loss Adjustment A/c | Part 9

Error identified after the preparation of final accounts will be rectified through journal only. Error will be two sided when it occurs at the time of journal and / or trial balance tallied due to that error but if error at the time of ledger it can be two sided. This is possible only when the effect of error results in tally of trial balance. In all these cases rectification entry will be passes without using suspense account. If error is one sided or trial balance doesn't tallied than suspense account will be opened and rectification entry will be passed through suspense account. If error is of revenue in nature than instead of that account profit and loss adjustment account will be used. ✔️Why study from Education insights? Education insights is an online education platform that helps give You NCERT/CBSE curriculum-based free full courses. so that you can perform well in any and all exams you give in your academic career. 👉 Contact us 🤑🤑 ➡️ Connect with us: [email protected] ➡️ Instagram:   / educationinsights   ➡️ Facebook:   / educationinsights-457474148332755   #rectificationoferrors #suspenseaccount #profitandlossadjustmentaccount #onesidederror #twosidederror #class11accounts #whatissuspenseaccount #natureofsuspenseaccount #cbse #rectificationoferrorclass11 #errorsandtheirrectificationclass11 #class11accounts #class11 #accounting #accountingclass11