Rectified example sentences

When the errors committed in one accounting year are located and rectified in the next accounting year, profit and loss adjustment account is debited or credited in place of accounts of expenses/losses and incomes/ gains in order to avoid impact on the income statement of next accounting period.The errors which affect only one account can be rectified by giving an exaplanatory note in the account affected or by recording a journal entry with the help of the Suspense Account.Errors which affect two or more accounts are rectified by passing a journal entry.If some errors committed during an accounting year are not located and rectified before the finalisation of financial statements, suspense account cannot be closed and its balance will be carried forward to the next accounting period.If some PDS shop, i.e. ration shop, does not function properly in such places, the people there are able to get the problem rectified.Errors affecting only one account can be rectified by giving an explanatory note or by passing a journal entry.Correct cash balance: It may happens that some of the receipts or payments are missing from either of the books and errors, if any, need to be rectified.This distinction is relevant because the errors which do not affect the trial balance usually take place in two accounts in such a manner that it can be easily rectified through a journal entry whereas the errors which affect the trial balance usually affect one account and a journal entry is not possible for rectification unless a suspense account has been opened.They can be rectified by recording a journal entry giving the correct debit and credit to the concerned accounts.

Meaning in Hindi Meaning in English

Sorry, no example of Rectified found.