A cash sales of Rs 143 to Meena omitted to be posted ____________ .

is an error of complete Omission

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will not affect the Trial Balance

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will not affect the Profit

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None of these

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Solution

The correct option is D None of these
When a transaction recorded in the cash book and not posted to the corresponding account, this is known as error of posting. This will affect the trial balance as one account balance will be missing from the trial balance. This will affect the profit because the transaction has been omitted to be posted in sales account, the sales account balance will be affected which in turn will affect the gross profit in the trading account. Gross profit thereby affects the net profit of the year.

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Similar questions

Rectify the following errors and ascertain the amount of difference in trial balance by preparing a suspense account.

(a) Credit sales to Mohan Rs. 7,000 were not posted.

(b) Credit purchase from Rohan Rs. 9,000 were not posted.

(d) Goods returned from Mahesh Rs. 1,000 were not posted.

(e) Cash paid to Ganesh Rs. 3,000 was not posted

(f) Cash sales Rs. 2,000 were not posted.

If a transaction is completely omitted from the books of accounts, will it affect the agreement of a trial balance?

Rectify the following errors and ascertain the amount of difference in trial balance by preparing suspense account:

(a)	Credit sales to Mohan Rs 7,000 were not posted.
(b)	Credit purchases from Rohan Rs 9,000 were not posted.
(c)	Goods returned to Rakesh Rs 4,000 were not posted.
(d)	Goods returned from Mahesh Rs 1,000 were not posted.
(e)	Cash paid to Ganesh Rs 3,000 was not posted.
(f)	Cash sales Rs 2,000 were not posted.

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