Rectification of Errors

General Accounting Principles UPSC EPFO Exam

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Rs. 5000 spent on the repairs of building is debited to Machinery A/c while it should have been debited to Repair to Building A/c

Errors of omission

Errors of commission

Errors of principle

None of the above

Explanation:

If transactions are recorded in violation of this principle, it is called error of principle i.e. the capital item has been recorded as revenue item and revenue item is recorded as capital item

By: NIHARIKA WALIA

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