Accounting · Rectification of Errors

A manufacturing firm discovered that a purchase of a high-end specialized lathe machine costing 5,50,000 rupees was erroneously recorded in the Purchases Account instead of the Machinery Account in the year 2025. Additionally, the firm had paid 50,000 rupees for its installation, which was also debited to the Repairs and Maintenance Account. If the firm provides depreciation at 10 percent per annum on a straight-line basis and the error is discovered in the subsequent accounting year after the final accounts have been prepared, what would be the net effect on the Profit and Loss Adjustment Account to rectify this error?