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What do you mean by error …

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What do you mean by error of principle nd compensating error

Posted by Jot Sandhu 7 years, 1 month ago

CBSE > Class 11 > Accountancy

2 answers

Syed Nabeel Haider 7 years, 1 month ago

Principle Error- It means the voilations of Accounting principle as we treat the transaction to wrong Accounts.ex(Treating the purchase of fixed asset as posted in revenue expenditure). Compensating Error- When one error is nullified by other error.ex ( Cash paid to ram ) So we have to post the ram in Dr. side and cash in Cr. side but wrongly we post ram in Cr. Side and cash in Dr. side...

Gargi Dandavate 7 years, 1 month ago

Errors of principle are where the basic concepts are wrong.. Paid wages for installation of the machinery 500 Wages A/c.......dr. 500 To Cash A/c 500. This is a common example of error of principle Compensating errors are where the trial balance agrees in spite of one sided errors that have the opposite nature (Dr. And Cr.) but same amount.. Wrong debit rs 300 and wrong credit rs 300 is an example of compensating error

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CBSE > Class 11 > Accountancy

0 answers

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