What is meant by a two-sided error? Explain with an example.
Asked by Topperlearning User | 26th Jul, 2016, 01:33: PM
Two-sided errors are those errors which do not affect the agreement of the trial balance. These errors are occur in two or more accounts. Such errors are rectified by passing journal entries. Errors of complete omission, errors of principle and compensatory errors are examples of two sided-errors. For example, credit purchases from Sohan of Rs.15,000 were not recorded in the purchases book. This is an error of complete omission because purchases account is not debited and Sohan’s account is not credited.
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 one-sided error? Explain with an example.
- Explain errors of omission with examples in detail.
- Name the errors which do not affect the trail balance with reasons.
- 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