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Question
Goods costing Rs. 25000 destroyed by fire were not recorded. This is an ______.
Goods costing Rs. 25000 destroyed by fire were not recorded. This is an ______.
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Solution
The correct option is A Omission
Error of omission is when a transaction is completely omitted to be recorded or recorded in journal but omitted to be posted in ledger accounts. Such errors don not affect the agreement of the trial balance. this is because trial balance is prepared from the ledger account balances and if the transaction is not posted into the ledger accounts, they would not affect the accounts.
Error of omission is when a transaction is completely omitted to be recorded or recorded in journal but omitted to be posted in ledger accounts. Such errors don not affect the agreement of the trial balance. this is because trial balance is prepared from the ledger account balances and if the transaction is not posted into the ledger accounts, they would not affect the accounts.
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