Rectification of Errors — Book Keeping & Accountancy STD 11 Commerce / Arts — Question

The errors committed due to wrong recording, wrong posting, wrong totaling, wrong balancing, wrong calculations are known as Arithmetical errors.

The bank account holder can make payments to a third party by use of a pay-in slip.

Purchase of goods is revenue expenditure.

Trade discount is recorded in Cash Book.

A cash discount is not recorded in the books of accounts.

Journal is a book of Secondary entry.

The single Entry System is based on certain rules and principles.

Overdraft Facility is available to savings Bank Account.

Purchase of shares of TATA Ltd should be debited to TATA Ltd’s A/c.

Return Inwards means purchase return.