Practice Journal Entries for Rectification of Errors - 8.6 | 8. Rectification of Errors | ICSE Class 11 Accountancy
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8.6 - Journal Entries for Rectification of Errors

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Learning

Practice Questions

Test your understanding with targeted questions related to the topic.

Question 1

Easy

What should you do if a purchase of ₹500 is mistakenly recorded as ₹50?

💡 Hint: Think about how you would correct mistakes in your own budgeting.

Question 2

Easy

Discuss the process for correcting an error found after final accounts are prepared.

💡 Hint: Consider the implications of not making these adjustments.

Practice 1 more question and get performance evaluation

Interactive Quizzes

Engage in quick quizzes to reinforce what you've learned and check your comprehension.

Question 1

What is the first step in rectifying an accounting error?

  • Identify the error
  • Prepare final accounts
  • Close the books

💡 Hint: Remember the importance of accuracy in financial reporting.

Question 2

True or False? Corrections made after final accounts are less important than those made before.

  • True
  • False

💡 Hint: Consider the consequences of inaccurate financial statements.

Solve and get performance evaluation

Challenge Problems

Push your limits with challenges.

Question 1

You discover that total sales have been incorrectly inflated by ₹10,000 due to an accounting error after final accounts. Outline the complete journal entry adjustments necessary.

💡 Hint: Break down the entries into manageable steps.

Question 2

A company realized that an expense of ₹4,000 was charged to the wrong account after insights from financial statements. How would you approach rectifying this?

💡 Hint: Think about the flow of money and where it should reflect properly.

Challenge and get performance evaluation