Rectification of entry

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Querist : Anonymous

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Querist : Anonymous (Querist)
08 November 2014 Case : Suppose an excise bill amounting to Rs. 11,000 (Rs. 10,000 - purchase value plus Rs. 1,000 - Excise) has been wrongly entered as Rs. 10,000 (Rs. 9,000 - purchase value plus Rs. 1,000 - Excise) in financial year 2012-13. The error was detected while finanlisation of accounts for financial year 2013-14. Now, what should be the rectification entry that should be passed to rectify the error committed and correct the books of accounts.
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Amol S Joglekar

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Amol S Joglekar (Expert)
08 November 2014 Take it out of general reserve.
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Querist : Anonymous

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Querist : Anonymous (Querist)
08 November 2014 The case is for a partnership firm. So kindly elaborate
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Amol S Joglekar

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Amol S Joglekar (Expert)
08 November 2014 debit partners' capital accounts in the loss sharing ratio
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