In This Video We Will Discuss CA Foundation Accounts "Rectification Of Errors" all concepts, Problems and Examples for CA Foundation and CA Foundation Accounts Chapter 2 Unit 6 have been discussed by Chandan Poddar Sir for CA foundation Grooming Education..https://www.escholars.in/s/store/courses/description/CA-Foundation-Online-Classes:- https://www.escholars.in/s/store/courses/description/Perfect-Revision--CA-Foundation&:- https://www.escholars.in/s/store/courses/description/Test-Series--Maths-Stats-and-LR:- https://www.escholars.in/s/store/courses/description/ca-foundation-Accounts/:- https://www.escholars.in/s/store/courses/description/Test-Series--CA-Foundation-November-2020 Watch Next:- CA Foundation Accounts Chapterwise Weightage May 2021:- https://youtu.be/SjZI0FtGQpE Subsidiary Books Complete Chapter:- https://youtu.be/81duunE0po4 Limited Liability Partnership Chapter: https://youtu.be/raMfsTGnlDI Topic covered:- 00:00 Introduction. 00:37 Meaning of Rectification of Errors. 05:48 Four Important Fundamental. 07:34 Examples of Purchase Book. 30:43 Examples of Sales Book. 38:54 Practice Questions. Meaning of Errors Errors are unintentional omission or commission of amounts and accounts in the process of recording transactions. Errors of commission these are the errors which are committed due to wrong positing of transactions, wrong totaling or wrong balancing of the accounts, wrong casting of the-subsidiary books or wrong recording of amount in the books of original entry. These errors affect the accuracy of trial balance. Errors of commission can be classified into following: Errors of recording Errors of casting Errors of carrying Errors of posting Errors of omission this kind of error arises with a transaction is partially or completely omitted be recorded in the books of accounts. These can be of two types: Error of complete omission which does affect the accuracy of trial balance. Error of partial omission which affect accuracy of trial balance. Errors of principle transactions recorded in contravention of the accounting principles, are known as error of principle. An error of principle may occur due to the incorrect classification of expenditure or receipt between capital and revenue as it may lead to under/ over stating of income or assets or liabilities. This error does not affect the trial balance as amounts are placed on the correct side but in a wrong account. Compensating errors when two or more errors are committed in such a way that the net effect of these errors on the debits and credits of accounts is nil or nullified, such errors are called compensating errors. These errors do not affect the tallying of trial balance. Rectification of Errors Rectification of errors is the procedure of rectifying the errors committed and to set right the accounting records. These are various objectives or reasons for which the errors are rectified, they are as follows: For the preparation of correct accounting records. For ascertainment of correct net profit or loss. For exhibiting true financial position of the organization by preparing the balance sheet with correct data. Two-sided errors are those errors that have been committed on the both sides, i.e. debit and credit. These are the errors which do not affect the trial balance or are not disclosed by trial balance and are committed in two or more accounts. CA foundation: Grooming education academy is engaged in providing qualitative commerce education to society at concessional prices. We believe in Research, reasoning and result and thus our learners admit our USP of: "Pioneer in developing concepts". We provide the complete tutorials for CA foundation.