If, after preparation of financial statements of a firm, it is found that some errors or omission in accounts has occurred, then such errors or omissions are rectified in the next year by passing ___

An Adjustment Entry

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Credit Entry

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Debit Entry

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None of these

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Solution

The correct option is A
An Adjustment Entry

The errors or omissions are rectified by passing an adjustment entry giving affect to the partner's capital accounts

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Similar questions

Q. State whether the following statements are True or False:
Errors committed due to lack of accounting knowledge are errors of omission.

State whether the following statements are True or False-

1) A trial balance can agree in spite of certain errors.
2) Errors committed due to lack of accounting knowledge are errors of omission.
3) Trial balance is prepared from the balance of ledger accounts.
4) Rectification entries are passed in cash book.
5) Single sided errors affect only one account.
6) Suspense account is automatically closed after rectification of all errors.
7) Errors affecting the agreement of trial balance are called on side errors.
8) There is no need to open a suspense account if the trial balance agrees.
9) All the errors can be rectified only through suspense account.
10) Compensating errors affect the agreement of trial balance.

Q. Which of these errors or omission are part of Bank Reconciliation?

Q. State with reasons whether the following statement is true or false:
If the amount Is posted in the wrong account or it is written on the wrong side of an account it is called error of omission.

Q. What is the reason for an net omissions and errors account?

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If, after preparation of financial statements of a firm, it is found that some errors or omission in accounts has occurred, then such errors or omissions are rectified in the next year by passing ___

The correct option is A An Adjustment Entry The errors or omissions are rectified by passing an adjustment entry giving affect to the partner's capital accounts

The correct option is A
An Adjustment Entry

The errors or omissions are rectified by passing an adjustment entry giving affect to the partner's capital accounts