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Items Excluded in GDP

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Question

Answer the following question in One sentence each.
Which account will be affected by an error of casting in Sales Book?

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Solution

Casting means adding the total amount of the ledger accounts. Error of casting in sales book only affects the sales a/c, as the total of this book is undercast or overcast. Thus, it will lead to a mismatch in the debit and credit balance of trial balance.

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Answer in one sentence only :-

Which account will be affected by an error of casting in sales book?

Q. Which of the following statements is/are true?
(i) An error in casting the subsidiary books is an error of commission.
(ii) An error in wrong casting of the sales day book will not affect the personal accounts of debtors.
(iii) Mistake in transferring the balance of an account to the trial balance will not affect the agreement of the trial balance.
(iv) The mistake of treating a liability as an income or vice versa will not affect the agreement of a trial balance.
The correct answer is -

Q. Answer the following question in One sentence each.
What is an error of casting?

Q. Which of the following account(s) will be affected, while rectifying the error of a purchase return of Rs.

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to Mr."A" entered in sales book instead of purchase return book?

Q. Which of the following account(s) will be affected, while rectifying the error of a purchase return of Rs.200 to Mr. A entered in sales book instead of purchase return book?

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