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unit-9-errors-and-their-rectification

Unit-9 Errors And Their Rectification

Learn about the types of errors which are usually committed in the process of accounting, the procedure for locating and rectifying those errors.

A few errors committed in Rao's books are given below. State in each case the type of error involved and whether it would affect the Trial Balance or not. i)Sales of Rs. 950 to Ray completely omitted from books of account. ii)Purchases of Rs. 720 from Shyam entered in the Purchases Journal as Rs. 700. iii)Purchases Journal is overcast by Rs. 1,000. iv) Sales Returns Journal is undercast by Rs. 200. v) Amount paid to Agarwal wrongly posted to the debit of Mittal's Account. vi) Bank overdraft is shown under the debit balances column in the Trial Balance. vii) Sales of Rs. 500 to Sadiq entered in Sales Journal as sales to Mushtaq. viii) Wages paid for installation of machinery debited to Wages Account. 




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Learning Pundits Content Team

Written on Apr 16, 2019 4:35:16 PM

i. Error of Complete Omission - No effect on Trial Balance

ii. Error of Commission - No effect on Trial Balance

iii. Error of Commission - Affects the Trial Balance

iv. Error of Commission - Affects the Trial Balance

v. Error of Commission - No effect on Trial Balance

vi. Error of Commission - Affects the Trial Balance

vii. Error of Commission - No effect on Trial Balance

viii. Error of Principle - No effect on Trial Balance