Trial Balance And Rectification Of Errors With Examples - Accounting
Here we discuss about Trial Balance And Rectification of Errors With Examples. But first you should know about the Rectification of Errors and why we need to rectify these errors. The process of Rectification of Errors and Correction of Errors means that we identify wrong entries and then we make correction of our wrong recorded Transactions that mistakenly recorded either due to wrong posting or when the transaction is recorded correctly but with wrong amount. Trial Balance Definition And Meaning In Accounting We know that Trial Balance shows arithmetical accuracy of the books of accounts. But the arithmetical accuracy of the books of account does not mean that types of accounts are free from errors and mistakes. Actually, there are certain types of errors due to which even the total of Debit equal to total of Credit, but still there are specific errors which must be needed to rectify in order to give true and fair view of financial statements. ...