Before moving forward in the chapter, close your eyes and
put your hands forward.
Yes sir, we have put our hands forward.
And whatever I say, say it along with me.
I won't make you say it like it's a joke that,
Oh God, we are coming to your refuge.
There is nothing like that.
There are positive things here.
Say it a little.
Sir, we promise you that we will not step back in this
chapter no matter how much you make us write.
We will write everything you make us write.
And we will not complain at all that, Sir, why do we have
to write so much?
Because you will have to work hard in this chapter.
Concept is my responsibility.
Explaining is my responsibility.
Hard work is your responsibility, brother.
I have clearly written,
Work, work and work.
You will have to work hard in this chapter.
You have to write.
I will also write with you.
Obviously, I won't leave you alone.
But don't say that, Sir, you won't understand again.
If you are afraid to write, then you won't understand this
chapter.
There are small problems because of which this chapter does
not understand.
First thing, people are teaching on PPT.
Brother, study on PPT, it is absolutely fine.
But the students who are sitting in front,
Brother, write this.
Don't give them hard copy notes.
At least for this particular chapter.
Until the child does not write it by hand, he will not
understand anything in this chapter.
This is absolutely simple.
Okay? Okay, Sir, we promise you.
We will definitely be ready to write.
You don't worry at all, Sir.
I said thank you.
Work, work and work.
Tell me the level of the chapter, Sir.
Chapter level will start with hard.
It is absolutely hard.
The image in your mind is absolutely hard of this chapter.
Sir, we had seen this in the eleventh.
And we left it behind in the eleventh.
And we felt that we will not get to see it anywhere in the
future.
But Sir, it came in the foundation.
And Sir, tell me the truth, will we get it in the
inter-winter or final?
No.
You won't get it anywhere after the foundation.
Just deal with it once more here.
But this time you are in the right place.
Don't worry, it will start with hard.
And if you don't reach the medium path easily, then you
tell me.
Can there be anything bigger than this?
No, Sir, there can't be anything bigger than this.
So that's it.
Why do you take tension?
Come on.
I have written the average.
The weightage is 8 marks, Brother.
Now let it come to 10.
Let it come to 6.
Don't tell me.
Average 8 marks.
There is a 90% chance of coming in the paper from here.
Sir, what if we play at 10%?
Leave this and go.
And there is a 10% chance of not coming.
Who knows if that 10% chance becomes successful?
It won't.
You will get 100% there to see.
Don't play at 10%.
90 means 100.
I am saying this.
The one who has a 10% chance of coming.
Ask him too in the ICI paper.
You are asking that the one who has a 10% chance of not
coming.
Can we leave him?
What are you talking about?
Come on.
There is no need to leave.
What is speciality?
What is special about the chapter?
It is not difficult.
If we walk step by step.
Then this chapter will become interesting and easy for you.
I promise you this.
But step by step.
Do you know how this chapter is?
There are a lot of slips in it.
And think of me as Fevicol and walk.
I will stick you to the right path.
But if you leave me, then you will slip.
Don't wander here and there.
Straight on your target.
Hold my hand and keep walking straight.
When I feel that you have become worthy of this.
Then I will tell you.
There is an open field.
Run a lot.
Go anywhere.
Until then, hold my hand and walk.
Otherwise you will fall.
Nothing beyond general entries.
You are studying from 11.
There is nothing above that in this chapter.
General entry, leisure, what we make while eating.
There is nothing difficult in this chapter.
General entry, leisure, trial balance.
It is the same story.
You just have to deal with it at the expert level.
And one last thing.
The garbage that is filled in your mind.
Throw it out.
The notes of this chapter.
Which I have written in front.
It is in a very different way.
My dear friends.
It is possible that you have read the first chapter in some
other way.
And you try to compare things.
There will be a lot of trouble for you.
Not for me.
There will be a problem for you.
Okay.
So come on.
Come on.
Get all the concepts out of your mind.
Quickly.
Take out all the 11th.
And sit with me with an empty mind.
Be completely empty.
As fresh as ever.
Okay.
It is written.
Look.
What did Mr.
Gautam say here?
It is written.
Let me read it once.
An empty mind is a still mind.
And a still mind is a peaceful mind.
Okay.
Varsha is saying.
Done, sir.
We have taken out everything, sir.
We don't even remember what the name is.
Where have we come from?
Very good.
You have taken out so much.
Now there will only be rectification in it.
Fresh.
Okay.
After talking so much.
Now.
Let's go.
Green flag.
There is nothing in the chapter.
First, let's bring the chapter level down a little.
This is being overpowering on us.
The chapter is nothing.
It is the dirt of today, man.
In Paresh Rawal's style.
Now we will take a bath and get out.
In 2-4 classes.
All the chapters are far.
No worries at all, sir.
Okay, sir.
These are notes.
It is my habit.
I will not let you do this at all.
These lines are written.
Come one by one and read the lines.
And try to understand what I am trying to say.
Is this English or Hindi that you are trying to learn?
These are accounts, brother.
First, we will make you understand.
Then, we will bring you back on the written notes.
And you will find that you have already understood
everything.
Okay, sir. No problem in it.
And, sir, where will we get these notes?
I will upload them on the app right now.
It's the first class, so I haven't uploaded them yet.
You will get them on the app in the study metal section.
You will go to your batch and you will get them in the
study metal section.
Maybe I should upload them on YouTube.
I will put the link in the description box.
You can download them from there as well.
Okay? Okay, sir.
Let's start, sir.
It's been a long time, sir.
It's been about 8-10 minutes.
Now, let's start the chapter.
Okay? Okay, let's start.
All the students, please give me the green bell.
And Lakshya Babu has also joined us.
Lakshya Mittal.
Welcome, Lakshya.
Welcome.
Lakshya, if you want to say something, the chat box is
empty.
You can write there.
Okay, sir.
Let's go, let's go, let's go, let's go.
Tactification of errors.
What does error mean?
What do you mean by the word error?
Sir, we make errors in our lives every day.
Error means mistakes.
Look, sir, we made so many mistakes.
And I tell you about Varsha's mistake.
I tell you about Varsha's mistake.
Choosing the wrong institute.
Okay, Varsha, please don't laugh.
And not studying.
Avoiding studying.
These are all mistakes.
These are called errors.
But these are the mistakes of ordinary life.
These are the mistakes of yours and our ordinary life.
But the errors in the accounts are related to debit and
credit.
Will any of you students tell me about the accounting cycle?
What is the accounting cycle?
Where does it start and where does it end?
It doesn't start with you and end with you.
Varsha is making a lot of deals these days.
Varsha, I look at all your deals.
Okay? God bless you. You make a lot of progress.
Whichever field you want to go to.
Okay? Okay, sir.
The rest of the studies are also important.
Tell me.
Tell me about the accounting cycle.
Accounting cycle.
It starts with the journal, sir.
Then it goes to the ledger, then it goes to the trial
balance, then it goes to the trading P&L, and then it stops
at the balance sheet.
Absolutely right.
Sir, we do the journal.
Debit what comes in, credit what goes out.
Debit the receiver, credit the giver.
Debit all expenses and losses and credit all income and
gain.
Then we make a ledger, sir.
Looking at the entry, we do the posting.
Then the ledger, that is, the closing balances of the
accounts.
Sir, let's write it in the trial balance.
Then we make the trading P&L balance sheet from there.
So during this whole process, if you make a mistake.
By the way, deliberate mistake or unintentional mistake.
What will be the error?
Intentional mistake or unintentional mistake? Sir,
unintentional.
Dude, no one wants to make a mistake on purpose.
Now you tell me.
Do you deliberately waste time? No, sir, it happens.
Sir, the voice comes from inside.
Do something else.
It's not our fault, sir.
That's what I'm saying.
Errors are unintentional.
Unintentional.
They are not intended to do it.
They happen.
Mistakes are not made.
It happens.
Unintentional errors.
From the journal to the ledger, the trial balance, the
trading P&L balance sheet.
Wherever you make a mistake.
Then we will call it error in accounting.
It is your job to improve it.
It is not your job to make a mistake.
You will get the work already spoiled.
You have to become a mechanic and repair it.
Repairing That is called rectification of errors
So before knowing the meaning of rectification of error, I
told you the meaning of error
Unintentional mistake
And it can be anywhere
It can be in a journal, it can be in a ledger, it can be in
a trial balance, it can be in a trading pendant, it can be
in a balance sheet
At any time there can be a mistake in accounting
That became an error
Correcting it is called rectification
Okay sir
Come here
Just see a little
What I have written
Rectification of errors
Means adjusting
Correcting the errors done in
Accounting Errors are
Unintentional mistakes
Which can be found
At any stage of
Accounting Okay Error can be at any stage of accounting
Sir, tell me one thing
Sir, there are five stages
Are these five stages included in our syllabus?
No This institute also knows
You are innocent children
You are small children
You are still in the foundation
You are not even traveling to the inter and final
That's why the institute said
Dear ICAI said
That only
Errors up to trial balance
Will be included in your syllabus
Errors at trading P&L and balance sheet level
Are not a part of your curriculum
You only have to
Errors from journal to ledger
And errors from ledger to trial balance
Have to be rectified
Thereafter things are not in your syllabus
Okay Okay This sir
From journal to ledger
From trial balance to trading P&L
And balance sheet
Means If there is a mistake while making a journal
Then is it in your syllabus?
Quickly write to me
In the chat box
We have to keep the chat box active
This is the rule of the app
That's why everyone should be active in the chat box
I request
Yes sir
Okay We should know how to correct this mistake
If there is a mistake at the ledger level
If there is a mistake in posting
Up to trial balance
Yes sir included
But there is a mistake in trading P&L and balance sheet
You will not get to see
It is not in your syllabus
Neither in the book
Nor will the institute ask you in the paper
There is nothing to worry about
Don't worry at all
You are only concerned up to here
Did you know this?
Varsha is saying no
Thank you
Trading P&L and balance sheet is not in our syllabus
You are saying no
Did you know this?
Please tell me
No sir we didn't know
Varsha is saying we knew
Varsha you know
But the new students
Maybe they didn't know
So first of all
Our mind should be light
That the institute itself is helping us in this chapter
He is not saying
Just look at the beginning
You will learn 2-3 things
One more thing
As a substitute of the journal
We also make subsidiary books
Did you know this?
Made a purchase related purchase book
Varsha is saying
Yes sir I am your student
Varsha yes thumbs up
Thank you so much
Yes sir
Made a sale book for sales
Made a cash book for cash
So we make a subsidiary book instead of a journal
Some companies follow a subsidiary book instead of a journal
Okay sir
So it can be possible that the mention of the subsidiary
book is going on
The journal is not mentioned
Now the company that will make the journal
Will make a mistake in the journal
The subsidiary book that will be made
Will make a mistake in the subsidiary book
According to the question
You are looking at things according to that
If there is a journal, then a journal
If there is a subsidiary book, then a subsidiary book
Okay sir
Now let's move on
One more thing
One more thing friends
Your talk does not end
My talk does not end
Until the syllabus ends
My job is to talk
Why do you worry
Tell me one more thing
If A person is sick
If any person is ill
Then he should first see
Which stage is the disease
Is it in the beginning
Is it in the middle
Or is it very serious
After that, medicine should be given
Or just like this
Take this medicine
No sir, we should see the stage
If the disease has increased, then the doctor should give
medicine accordingly
If the disease is less, then a little light medicine should
be given
Absolutely right
You are a mechanic in this chapter
You will also repair
You are also a doctor in this chapter
You will also give medicine to the patient
The job of the doctor is also to make the disease
If any error
Then its treatment will be done accordingly
And if any error is small
Then its treatment will be done accordingly
Sir, what do you mean by big and small errors
Tell us a little in detail
We are not used to understanding in shortcuts
Tell us in detail
I will tell you in detail
Friends, if any mistake
Was at the level of a journal or a subsidiary book
And from there
It also reached the ledger
Now we make ledger from the journal
If there is a mistake in the journal, then when you post
the ledger from there
The mistake will reach there too
And assume from the ledger
It also reached the trial balance
So this is a big mistake
Which has reached very far
So its rectification
Will be done in a different way
It is possible that the mistake may reach here
The mistake may reach here
It will also have to be rectified
Even up to the trading P&L balance sheet
Sir, you said
The mistakes of the trading P&L balance sheet do not have
to be corrected
So when am I saying
This is the mistake of the trading P&L balance sheet
This was the mistake of the journal
Which has reached the trading P&L balance sheet
The mistake was at the journal level
You will have to correct this
If there is a particular mistake
While making the trading P&L balance sheet
It is not in your syllabus
You will not get to see it
But a mistake from the journal
After a long journey
Has reached here
So it will be called the mistake of the journal
It has reached here
So you have to correct it
And assume you get a mistake in the beginning
At the journal level
So friends
We will call it a small mistake
It is a small mistake
Its rectification will be different
Everyone's rules will be different
That is
Now the main line is coming
Now pay attention to the main line
Your ears should stand
The main line is coming
Rectification of error
Depends upon
The stage of
Detection of error
How will the error be rectified
It depends on
The stage of
Detection of
Error Where did you get that mistake
If you got it in the beginning
Then rectification in a different way
If you got it later, then rectification in a different way
Now don't ask
How is it in the beginning
I will tell you
Don't worry at all
I have told you only one line
Just listen to what I am saying
If you have told this line
Just understand this line
Whatever is coming in your mind
I know everything
What can come
I know everything
But at what time it has to come in your mind
Keep this in mind
At the right time
I will bring all the right things in your mind
Leave it on me
I just taught you one thing
That Rectification of error depends
Upon the stage of
Detection At what stage did you get the mistake
According to that, its rectification will be done
Okay Sir
If Friends There are three stages
We have three stages here
In our chapter
So the stage of error
I have told you
There is a journal
There is a leisure
There is a trial balance
You will get to see
There can be a subsidiary book instead of a journal
And when we treat that error
We will see
At which stage
Error has been detected
So those stages are something like this
Pay attention
Before Preparation of
Trial balance
After preparation of
Trial balance
Before financial statement
After Preparation of
Financial statement We have these three stages, our stages
are divided into three parts.
You can make a mistake at any of these three stages.
Stage 1, Stage 2, Stage 3
Small disease, small disease, which you caught before
making trial balance, before preparation of trial balance,
which you caught before making trial balance.
After that, the second stage, after making trial balance
and before making financial statement.
This is the second stage, this is your first stage.
You caught the error before trial balance, whether you
caught it in ledger or journal.
We will not separate the journal and ledger.
Don't say that sir, after the journal and before the
ledger, you can also make a mistake.
Both of them are in the same part in your syllabus.
Okay, sir.
So the first stage is, you caught the mistake before making
trial balance.
The second stage, after making trial balance, before making
trading P&L balance sheet, here you caught the error.
And the third stage is, trading P&L balance sheet was also
made.
Last year it was closed.
And the next year you went somewhere and found out about
the mistake, that there are some mistakes in last year's
accounting, it will have to be corrected.
That is your third stage.
You caught the mistake before making trial balance.
You caught the mistake in between before making financial
statement.
Or after making trading P&L balance sheet, you caught the
mistake somewhere next year.
We have these three stages, where we can detect the error.
These are three stages for detection of errors.
Okay, sir, that's enough.
Ask us something.
I said, what should I ask?
Let it be, let's go ahead.
No, no, sir, ask us.
Test us.
We don't go ahead like this.
You ask us if we have anything in our mind or not.
I said, okay.
Tell me.
Tell me in the chat box quickly, what is the stage of error?
Stage of error.
Remember, I said stage of error, not detection.
Tell me the stage of error.
Just tell me where mistakes can occur.
Don't tell me what is in the syllabus.
Tell me where mistakes can occur.
Quickly, quickly, quickly.
I am waiting.
Quickly.
At every stage, Varsha caught the mistake.
Varsha said, sir, we will have to write a lot.
Then journal, then ledger, then trial balance, then trading
pendant, then balance sheet.
There can be a mistake anywhere.
Karishma, you are answering trial balance.
I am asking at what stage a mistake can occur.
A mistake can occur in the journal, in the subsidiary book,
in the ledger, in the trial balance, in the trading
pendant, in the balance sheet.
Karishma, mistakes can occur at every stage.
I just asked where errors can occur.
Look, in life, even a small child can make a mistake.
A person of your and my age can also make a mistake.
A big man can also make a mistake.
An old man can also make a mistake.
Mistakes can occur at every stage.
Yes, sir.
Any stage.
Good.
How many mistakes are there in your syllabus?
Write quickly in the chat box.
In our syllabus, there are mistakes up to trial balance,
which are in our syllabus.
Very good.
Good.
Good, Karishma.
Good.
Okay.
What are the stages of detection?
Stage of error is a different thing.
Stage of detection is a different thing.
It is a different thing to reach the stage of disease.
When did we find out?
Stage of detection of error in accounts is a different
thing.
There are three, sir.
Very good.
Make a mistake before making a trial balance.
Make a mistake between the trial balance and the financial
statement.
Make a mistake between the trial balance and the financial
statement.
Or the financial statement is also made.
Go somewhere next year and find out.
There are three stages for detection of errors.
Okay, sir.
We agree with you.
Come on.
Here.
The way error will be rectified depends upon the stage at
which error is detected.
Have I told you this?
Yes, sir.
Error can be found.
This is the stage of detection of error.
We make a mistake before making a trial balance.
Or after trial balance, before financial statement.
Or after financial statement.
That is in the next accounting year.
This is what I am talking to you.
Yes.
This is the stage of detection we have.
Okay, sir.
Now let's go ahead.
One-sided error.
Double-sided error.
Commission omission.
There are notes.
Now we have to understand all these things slowly.
Okay.
Now the sequence of examples is coming.
Varsha knows very well.
Karishma, let me tell you.
By the way, all the chapters and notes are mine.
Which I provide to students.
Notes are also mine in this chapter.
I definitely ask questions about study material.
All the other chapters.
In all chapters, I ask questions about study material in
the class.
There are past year questions.
Your scanner questions.
RTP, MTP.
We do all those things in the class.
Let me talk about other chapters.
This is the scenario of this chapter.
I will not open the study material in front of you.
I will not open the scanner in front of you.
RTP, MTP.
We will not open anything.
I made the whole chapter in the form of examples.
I made a lot of examples for this chapter.
You understand those examples.
You don't have to see RTP, MTP, or study material.
You do not need anything.
Yes.
Varsha, yes.
Yes.
You just have to understand those examples with me and
revise them.
Thereafter, you don't need to refer anything.
Yes.
Do it for your own safety.
Whether we understand things or not.
It is up to you.
You do that.
The rest.
Whatever I will do in the class, that would be more than
enough.
Okay.
It is in the example.
And listen.
What is special about studying with me?
And Varsha, look.
Now I can speak openly here.
Isn't it, Varsha?
About yourself.
We can't talk much about ourselves on other channels.
Right.
There were a lot of restrictions.
A lot.
You can't do this.
You can't show this video.
You can't talk frankly to children.
You can't motivate the student personally.
There were a lot of disturbance.
But here.
We will talk about everything.
Personally.
All talks.
You need motivation.
You have doubts.
You need a personal session.
WhatsApp is available.
There is an app.
YouTube.
You can follow me everywhere.
Okay.
Whenever you need it.
No problem at all.
Okay, sir.
Okay.
Let's go.
Sir, let's go.
Do you know what is in the chapter?
Sir, how many times will you tell me what is in the chapter?
Show me.
Yes, I am showing.
I am showing.
Tell me one last time.
What have I done?
Actually, people teach this chapter in pieces.
Maybe you have read it like this before.
Which is a problem.
First, we will tell them the type of error.
There are four types of errors.
They are of this type.
Then we will tell them.
Rectification happens like this.
Do not tell at different stages.
In every example, I will rotate the chapter from A to Z.
In every example, we will sit in the helicopter in the
starting.
And we will start with A.
And we will get off at Z.
Then ride again.
We will go from beginning to end continuously.
In every example.
So many times your revision will be done.
In the blood.
In the chapter.
In the blood.
The left nerve here.
If you get a blood test done by a doctor, then
rectification will come out.
Stages of detection will come out.
He will say.
What is this?
You have filled the debit credit in the blood.
The doctor can make such a report.
Okay.
So be careful.
Okay, sir.
We will do the whole journey.
All in one garland.
In the chapter.
Okay.
Okay, sir.
And I guarantee.
I guarantee.
Sir.
This is a little personal.
It is not a matter of praise.
It is a matter of self-praise.
Listen to me.
Leave that thing.
I guarantee.
That the notes I will get you written.
These notes may not be found anywhere.
At least for chapter rectification.
I assume this and go.
If I feel somewhere in me.
I am good.
So this chapter is rectification.
Okay.
Let's go, sir.
These notes will not be found.
Everyone teaches it in pieces.
Take care of it.
I say this.
Tomorrow your younger brothers and sisters also came to the
course.
Take care of them too.
Okay.
They will get help in referring somewhere.
Okay, sir.
Keep it for yourself.
There is no rectification ahead.
But let me tell you one thing.
A little portion of rectification.
You get to see in other chapters.
So the command on rectification will be good.
So you will feel good in inter.
Like a branch accounting chapter comes somewhere.
In inter.
You need rectification there.
In this way, you will need it somewhere in between.
So take care of the notes.
Okay, sir.
Let's start.
Now write.
You promised me, sir.
We will write.
We will not be afraid.
So start writing.
The promise begins.
And I see if you keep it till the end or not.
And you have to write.
There is no screenshot feature on the app.
So I am not afraid of the screenshot either.
You have to write.
You have to write. to write example number one credit
purchases of rupees 10,000 entered in purchase book 11,000
credit purchases of rupees 10,000 entered in purchase book
as 11,000
credit purchases of rupees 10,000 entered in purchase book
as 11,000 credit purchases of rupees 10,000 entered in
purchase book as 11,000 credit purchases of rupees 10,000
entered in purchase book as 11,000 credit purchases of
rupees 10,000 entered in purchase book as 11,000 credit
purchases of rupees 10,000 entered in purchase book as
11,000 credit purchases of rupees 10,000 entered in
purchase book as 11,000 credit purchases of rupees 10,000
entered in purchase book as 11,000 credit purchases
rupees 10,000 entered in purchase book as 11,000 credit
purchases of rupees 10,000 entered in purchase book as
11,000 credit purchases of rupees 10,000 entered in
purchase book as 11,000 credit purchases of rupees 10,000
entered in purchase book as 11,000 credit purchases of
rupees 10,000 entered in purchase book as 11,000 credit
purchases of rupees 10,000 entered in purchase book as
11,000 credit purchases of rupees 10,000 entered in
purchase book as 11,000 credit purchases of rupees 10,000
in purchase book as 11,000 credit purchases of rupees
10,000 entered in purchase book as 11,000 credit purchases
of rupees 10,000 entered in purchase book as 11,000 credit
purchases of rupees 10,000 entered in purchase book as
11,000 credit purchases of rupees 10,000 entered in
purchase book as 11,000 credit purchases of rupees 10,000
entered in purchase book as 11,000 credit purchases of
rupees 10,000 entered in purchase book as 11,000 You have
to write the balance of all the accounts you have
One you have made the purchase account and one you have
made Mr. A's account. This is debit and this is credit.
Whoever I ask, only give the same answer. Karishma ji will
answer me. Karishma, in the purchase account, the buy CD is
written 11,000.
Will this go to the debit side or the credit side in the
trial balance?
Tell me.
Now let me see how much strength it has.
And keep your feet firmly.
Tell me quickly.
It will go to the debit side.
Karishma, very good.
That's it.
Look, very good.
This credit side is written, but this is the debit balance.
And this CD is written on the debit side, but this is the
actual credit balance.
Absolutely right.
You know this.
Very good.
In the purchase, the debit side will come 11,000.
And in Mr. A, the credit side will come 11,000.
You see, the trial balance has been tallied.
11,000.
My God.
Sir, it was a mistake.
Despite the mistake, the trial balance is matching.
Yes.
This is life.
This is art.
This is the art of Mr. Luca Pacioli.
Do you know who he is?
He is the father of accounts.
Get up in the morning and say hello twice before going to
bed at night.
Accounts will quickly start growing in your mind.
Search Google if you don't know.
You have to read all this because of him.
Sir, what is Namaskar?
I get angry.
Who made accounts?
If not, it would have been good.
At least one chapter would have been less.
Accounts are beautiful.
Sir, you like it, right?
That's why I'm saying.
No.
You should also like it.
If you put your heart into it, this is actually beautiful.
Just once.
Let's get rid of the trouble of debit and credit.
Just for once.
It's not like tax.
It changes every day.
The one who supports it, supports it forever.
Accounts is a one-man woman.
Okay? It doesn't live with everyone.
It can change today or tomorrow.
It doesn't matter if you get someone the day after tomorrow.
It's not like tax.
Okay, sir.
Yes, sir.
Father of accounts.
No, sir.
Me too.
Varsha, do you like it too?
Or do you like it?
No.
Let's go.
Now, sir, how did this miracle happen?
Yes, sir, I like it.
Okay, Varsha.
Okay, good.
How did this miracle happen?
Karishma also likes it.
Very good, Karishma.
Okay, then.
Your future is bright.
Your name is Chartered Accountant.
Chartered means perfect.
You're going to be an accountant.
Accountant is attached to your name, right?
Okay? You should know about accounts.
It's a good thing that you like accounts.
Tax also comes from accounts.
When you make a net profit from an account, that's why
there's talk of taxation on it.
Yes, sir.
Sir, there was never a problem in accounts.
There were issues in justice and subjects.
No problem.
Things will be sorted very soon.
Once a wrong decision cannot stay for always.
Don't worry.
Okay? Things will be done.
Sir, it's taking a little time.
I agree.
It took me time in the final too.
No problem.
You can't say anything about your final, first attempt, or
foundation.
Okay? Someone starts late.
Ending is quick.
Someone starts early.
Ending is late.
It can be CA.
Never compare yourself.
Okay? Your friends have moved on, sir.
They haven't moved on.
You'll find them there.
Wait a little.
You'll find them there.
No one moves on.
You'll find CA.
The journey is very far.
They move on and stay at the same time.
Okay? Don't worry.
No one has moved on.
No need to think.
Okay, sir.
No one has moved on.
Okay, sir.
I guarantee that you'll find them there.
If you feel that you've moved forward, what if you move on
before them?
You can't say anything.
In a CA journey, it's useless to think that someone has
moved forward.
Now, sir, tell me how this miracle happened?
How did 11,000 come to be?
Look, bro.
You wrote 11,000 in the purchase book, right?
So, what happened was, 11,000 went to the purchase account,
and 11,000 to Mr.
A's account.
You wrote 11,000 to Mr.
B's account, as you signed off the debit side of the
purchase account, and 11,000 to Mr.
A's account.
So, this is the result of 11,000.
and 11 in Mr.
A's account
In the purchase account, you wrote 11,000 on the debit side
Yes sir, let me highlight
In the purchase account, you wrote 11,000 on the debit side
and in Mr.
A's account, you wrote 11,000 on the credit side
That means I can say
You increased the debit side by 1000 and you also increased
the credit side by 1000
Debit and credit are the same
If debit and credit were equal
If you increased one side by 1000 and increased the other
side by 1000 then they will remain equal
If you increase both sides by the same amount then they
will remain equal
It's simple and the balance of debit and credit is going in
the trial balance
If 1000 is increased in both then the trial balance will
remain the same
You increased the debit side and the credit side
It's a mistake
I agree with you
It's a mistake
Now some people who get sentimental who go very deep right
at the bottom of the sea
They say, sir, you have written a line above that the trial
balance will be affected or not
Will it affect the trial balance or not?
And sir, it's affecting
Instead of 11,000, it should have been 10,000
It's affecting
It's increasing by 1000
So sir, you write in this that the trial balance is affected
Whereas I will say
The trial balance is not affected
By affected, I mean
Is it mismatching or not?
There can be a mistake in it
That's a different thing
There is a mistake in the trial balance
Instead of 10, 11 is coming
I am just asking
Is it being tallied or not?
How to fix the mistake coming
That's the next issue
Don't talk about it now
I am saying again, you will go ahead
You don't know
When you skip one step in the chapter and skip ahead
You don't know
This is my job
Keep it stepwise
I just want to tell you that the trial balance will be
affected means Is it being mismatched or not?
It's not being mismatched
So that's it
End of discussion
Here comes
No Trial balance will be affected
A big no
Trial balance will not be affected
So what did you learn from here?
Now coming
The line that sums up all the discussions so far
Listen very carefully
Please listen very very carefully
Listen Sir
Listen
Make a mistake
If any error
Affects Debit and Credit
With the
Same amount 1000 In the
Same direction
Upwards We will call this
Double-sided error
And in such an error
Trial balance will always
Match What did I say?
I repeat
If any error
Affects Debit and Credit With the equal amount
In the same direction
Either both are increasing
Even if both were decreasing
Still 9000 would have come
Trial balance would still be telling
In the same direction
So such an error is called
Double-sided error
And in double-sided error
Trial balance will always
Match Do you understand my line?
Sir Sir, let's write somewhere
Let's write on the top of the page
Oh no
It is written in notes
When will it come in handy?
No need to write
What we are writing
These steps
Just write this
No need to write notes
Just practice the steps
Did you understand this line?
I told you after proving
Yes or no
Tell me quickly
Is it okay?
Yes sir
This is very okay
So come
We have written a note here
Let's read it once
Double-sided error
Will not affect the
Trial balance
If the error has affected both
Debit and credit
With equal amounts
In the same direction
With equal amounts
In the same direction
Read as far as I read
Okay Okay sir
Read as far as I read
Okay sir
Okay
I taught you this little thing
With double-sided error
Trial balance
Will not affect
It will match
Debit and credit
If the error has affected
Debit and credit
With equal amounts
In the same direction
Okay sir
All these things will come in handy
Do you know what the problem is?
Children have to jump on direct rectification
In the chapter
Come come
Come quickly
We will improve it
How do we teach this?
No The journey is long to get there
A lot of things fall in between
If you understand them
Then it is something
Otherwise, everything is going to be left
Okay sir
You are going through those steps
Come Now it is coming
Now you are ready
Take this
Now the rectification has come
Now there is nothing to worry about
Now rectification
When I explained these three things to you
Stage of error
Type of error
And will the trial balance affect or not?
After this
I can explain rectification to you
Before this
If someone is explaining rectification to you
Then he is also dishonest with himself
And dishonest with you too
Now rectification
And rectification is also not at one stage
I have already told you rectification will depend upon the
stage of its detection of error.
1st stage before preparation of trial valence 2nd stage
after preparation of trial valence before financial
statements 3rd stage after financial statements i.e.
in next accounting year 4th stage after preparation of
trial valence 5th stage after preparation of trial valence
6th stage after preparation of trial valence
before preparation of trial valence
before preparation of trial valence before preparation of
trial valence before preparation of trial valence
is it possible to correct error by double entry? is it
possible to correct error by double entry?
is it possible to correct error by double entry? is it
possible to correct error by double entry?
is it possible to correct error by double entry? is it
possible to correct error by double entry? is it possible
to correct error by double entry? is it possible to correct
error by double entry? is it possible to correct error by
double entry? is it possible to correct error by double
entry? is it possible to correct error by double entry? is
it possible to correct error by double entry? is it
possible to correct error by double entry? is it possible
to correct error by double entry? is it
to correct error by double entry? is it possible to correct
error by double entry? is it possible to correct error by
double entry? is it possible to correct error by double
entry? is it possible to correct error by double entry? is
it possible to correct error by double entry? is it
possible to correct error by double entry?
I will add it in notes
I will upload notes
I will add it in notes
Come on
So on the first stage
Double entry will always be possible
If there is a double sided error
Now the second stage is coming
After Preparation of trial balance
Before financial statement
Which stage is this?
Trial balance was also made
Mistake reached the trial balance
Going ahead
On the journey of financial statement
Mistake on the way
On the way
Trial balance was made
Preparation of financial statement
But thank God
Before making financial statement
Mistake was found
How would you rectify?
Look at the trial balance
Debit is increasing in purchase
Mr. A has more credit
Mr. A account
Debit less than 1000
Purchase more than 1000
Is it ok?
In the trial balance 1000 is increased in accounts
You have to reverse 1000
Same to same
Will we not rectify the trial balance?
No Do not be in this illusion
I will reduce 1000 in trial balance
I will write 10,000
I told you before
There is no cutting
You have to rectify the mistake by passing the general entry
How to rectify through general entry
Telly software
What will happen in Telly software?
I am planning
People who will purchase foundation from me
Accounts Tell your friends
If anyone is around you
Telly free
With foundation accounts
What is in Telly?
You can't run a pen in Telly
You have to rectify the mistake in the computer
You have to pass
It's simple
This mistake will also be rectified
Same to same
Mr. A account
such things
Okay, first we have to read the sixth one.
One second, please hold.
We have to read the sixth one. It was the same.
We will read the sixth one. Please, please, please. We will
read the sixth one.
If any error do not affect trial balance, then
rectification at first two stages will be same.
If any error does not affect trial balance, then
rectification at first two stages will be same, my dear
friends.
I have proved this to you and got it written after proving.
In our example, trial balance was not affected.
So you see, rectification at first two stages is exactly
the same.
Okay, sir.
Now comes the third stage.
Okay, what is the third stage?
Error reached to the financial statement.
After trial balance, trading P&L and balance sheet were
also made.
Can I ask you one thing?
This purchase in trial balance, 11000 in debit, where does
it go in the financial statement?
In trading account, P&L account or balance sheet?
Can you tell me?
Where will the purchase account go?
In the trading account.
Karishma said, sir, it will go in the trading account.
Absolutely right.
Karishma, we have put the expense of purchase in trading.
Okay, sir.
Will our profit be reduced by the expense?
Yes, absolutely right.
So if you increase the expense of purchase by 1000,
increase the expense by 1000, then I can say that you have
dropped your profit by 1000 by mistake.
Am I right?
Am I right or am I right?
Please tell me.
Both the options are yours, sir.
Yes, there is no room for error.
There is no room for error.
I have no room for error from you.
I know you will be right.
That's why I am saying this.
You increased the expense by 1000, which means you dropped
the profit by 1000.
Now you have to pick up the profit by 1000.
You have to pick up the fallen profit by 1000.
Why? The error has reached P&L.
You put the purchase in trading.
From there, the GP has decreased by 1000.
From there, the P&L account has been created by the GP.
From there, your net profit has decreased by 1000.
Financial statements have been made.
This means that the mistake has reached the net profit.
This expense has reached the net profit.
The increased expense of 1000 has reduced the profit by
1000.
To correct that mistake, you will have to increase the
profit.
Wherever you make a mistake, you have to go there and
correct it.
If the mistake has reached P&L, then we will go to P&L.
And we will pick up the fallen profit.
If we want to increase the profit,
We will credit the P&L account.
Why?
Credit all income and gain.
This is your gain.
Profit is increasing by 1000.
It's simple. You have to credit.
What will be the debit?
Mr. A account.
Mr. A account will go to the balance sheet.
Mr. A account went to the balance sheet.
There is no such thing in the balance sheet.
Balance sheet is not an account.
We will correct it through it.
Balance sheet only has balances written on it.
We will correct the balance sheet items with their names.
If there is any expense or income that has reached P&L,
We will correct it through the P&L account.
We will correct the balance sheet items through their names.
Mr. A account will be the debit.
Entry has been made.
Mr. A account debit to P&L account.
There will be a word in front of P&L.
Adjustment
Sir, why is the word adjustment?
When are you correcting the mistake in the next year?
You are correcting the mistake of last year.
There was a mistake last year.
You got it this year in the next accounting year.
You are correcting the mistake here.
If you credit the P&L account,
It will look like this year's adjustment.
If you write the word adjustment,
You will know that you are correcting the mistake of last
year.
Adjustment word is the proof of this.
That this mistake was last year.
You have corrected it now.
Full disclosure is required in accounts.
You have to tell in accounts
When was the mistake and when are you correcting it?
So it is important to write the word adjustment.
Sir, you have not written the amount anywhere.
I will write it now.
1000 1000 1000 1000 1000
1000 1000
A2 P&L adjustment
This example is complete.
I believe that you have understood
In which pattern we are going to study.
Don't worry sir.
It took so much time in one example,
Speed will be very fast.
But it won't happen all of a sudden.
If there is a new driver, he will say on the very first day
that he will drive at 80 kmph.
He will spit.
When he becomes an expert, then drive fast.
That's when it's fun.
That's what will happen.
Your speed will increase, don't worry about that.
Your speed will increase a lot.
But it will happen slowly.
Even if it happens today, it's not possible.
Okay, sir.
Particularly, I would like to talk to Karishma.
Karishma is saying, yes, sir, it's clear.
Varsha, any kind of doubt.
I am all here.
Any kind of doubt.
Yes, sir.
Tell me, Varsha.
Karishma, Varsha.
Any kind of doubt.
Don't worry at all.
Don't worry.
That, sir, someone might think that, sir, we don't know the
debit, we don't know the credit.
Why ahead, why behind?
I am sitting to improve that thing.
Do tell the doctor about your illness.
Only then will the treatment be done.
If you hide it from him too, then there is a problem.
Okay?
Okay, Varsha is saying, it's clear.
Karishma is saying, no, sir, no doubt.
If you pass the first class without any doubt,
I promise, the next classes will be easy for you.
The next classes will be easy for you.
It won't be difficult for you.
Okay? Okay, sir.
So we will do a lot of such examples and learn new things.
In every example, I will teach you the stage of error.
In the type of error, all other types will be covered.
In the trial balance, you will see that sometimes it
happens, it is affecting, sometimes it is not.
A lot of things, a lot of cases will come out.
And in rectification too, new things will come out.
All this will happen.
In every example, new things will come out.
But everything should be clear.
There should be no doubt.
Okay, sir.
That's all for today.
Do the revision.
What I have written to you.
Revise it.
I add that point in the notes and then upload it on the app.
Okay? Okay, sir.
Let's go.
Then meet you tomorrow.
Is it okay? Karishma and Varsha, all good?
Understood? Are you okay okay satisfied?