what is the diff between reversal and cancellation entries?

Question Posted / prasanth kalarivayil

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what is the diff between reversal and cancellation entries?..

Answer / s subhalaxmi

Most of the cases both are considered in same sense,but we
use reversal when we made some mistakes while passing
entries which we need, but cancellation used when there is
no necessary for the entry at future.

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what is the diff between reversal and cancellation entries?..

Answer / suburam

'Reversal' is a rectification of mistake.

'Cancellation' is an Adjustment.

Is This Answer Correct ?

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0 No

what is the diff between reversal and cancellation entries?..

Answer / sangeetha g

I agree with S Subhalaxmi. I have another answer too
reversal for rectification for closed period. cancellation
for open period. I mean

exp: wrong entry for rs.100 on APR 8 2009. if closed period
is Mar 08 to Apr 09. Once we closed the book as of Apr 09
and realised the rs.100 wrong so I can't cancel the entry
due to closed i can reverse in MAy 1 2009.

Is This Answer Correct ?

2 Yes

0 No

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