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Rectification of error

When do we need to use p&L adjustment account for rectification of errors


nisam M

nisam M

CA Foundation

9K+

03-Feb-21 10:37

17

Answers (1)

For rectifying the errors detected in the next accounting period, a special account 'Profit and Loss Adjustment Account' is opened for correction of amounts relating to expenses and incomes.


ruchi lahoti

ruchi lahoti

Moderator

03-Feb-21 12:02