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Standard X

Civics

Filing a Complaint

The abbreviat...

Question

The abbreviation "E&OE" stands for _______________.

Errors and Omitted Errors

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Expected and Omitted Errors

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Errors and Omissions Expected

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Exceptions and Omissions

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Solution

The correct option is C Errors and Omissions Expected
Errors and omissions excepted is a phrase used in an attempt to reduce legal liability for potentially incorrect or incomplete information supplied in a contractually related document such as a quotation or specification.

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Similar questions

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

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 ___

Q. On 31st March, 2018, Capital Accounts of

E, M

and

A

after making adjustments for profits, drawings, etc., were as

E - R s . 8, 00, 000; M - R s . 6, 00, 000

and

A - R s . 4, 00, 000

. Subsequently, it was found that interest on capital and interest on drawings had been omitted. The partners were entitled to interest on capital @

5 %

p.a. Drawings during the year were:

E - R s . 2, 00, 000; M - R s . 1, 50, 000

and

A - R s . 90, 000

. Interest on drawings chargeable to the partners were:

E - R s . 5, 000; M - R s . 3, 600

and

A - R s . 2, 000

. The net profit during the year amounted to

R s . 12, 00, 000

. The profit-sharing ratio of the partners was

3 : 2 : 1

.
Pass necessary adjustment entry for rectifying the above errors of omission. Show your workings.

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The abbreviation "E&OE" stands for _______________.

The correct option is C Errors and Omissions ExpectedErrors and omissions excepted is a phrase used in an attempt to reduce legal liability for potentially incorrect or incomplete information supplied in a contractually related document such as a quotation or specification.

The correct option is C Errors and Omissions Expected
Errors and omissions excepted is a phrase used in an attempt to reduce legal liability for potentially incorrect or incomplete information supplied in a contractually related document such as a quotation or specification.