Name the errors which do not affect the trail balance with reasons.
Asked by Topperlearning User | 26th Jul, 2016, 01:33: PM
Errors of principle, complete omission and compensatory errors do not affect the trail balance. These errors affect both the debit as well as the credit side of the trial balance. These errors are committed in such a way that they compensate each other and the columns of debit and credit balances represent the same amount, irrespective of the errors. In case of complete omission, the error is not recorded at all, and hence will not affect the agreement of the trial balance.
Answered by | 26th Jul, 2016, 03:33: PM
- Explain briefly the errors of commission along with example.
- What is meant by errors of principle?
- What is meant by a two-sided error? Explain with an example.
- What is meant by a one-sided error? Explain with an example.
- Explain errors of omission with examples in detail.
- Name any two types of errors which affect the agreement of trial balance with examples.
- What is meant by compensating error? Explain with an example.
- State the type of errors committed in the below transactions: Sale of old furniture worth Rs.5,000 credited to the sales account A payment of Rs.2,300 for salaries was posted twice to the salaries account Goods returned to Rakesh worth Rs.3,200 were not recorded in the books of accounts Wages paid Rs.6,150 were recorded in the cash book as Rs.6,510
Kindly Sign up for a personalised experience
- Ask Study Doubts
- Sample Papers
- Past Year Papers
- Textbook Solutions
Verify mobile number
Enter the OTP sent to your number