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Goodwill Valuation (Retirement)

Which of the ...

Question

Which of the following errors is an error of omission ?

A

Sale of

R s .500

was written in the Purchase Journal

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B

Wages paid to Mohan have been debited to his account

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C

The total of the sales journal has not been posted to the sales Account

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D

None of these.

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Solution

The correct option is C The total of the sales journal has not been posted to the sales Account
Error of omission is when a transaction is omitted to be recorded in the subsidiary books, there is neither debit or credit effect of such errors. Omission in posting total of sales journal into sales account refers to omission of transactions related sales and debtors.

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Similar questions

Rectify the following errors by passing entries:

(i) Credit sale of old furniture to Mohan for 1,500 was posted as 5,100.

(ii) Goods purchased from David Rs.2,000 passed through sales book.

(iii) Sales Book has been totaled Rs.2,000 short.

Q. Which of the following errors will affect the Trial Balance?
(i) The total of the Sales Book has not been posted to the Sales Account.
(ii) ₹ 1,000 paid as installation charges of a new machine has been debited to Repairs Account.
(iii) Goods costing ₹ 4,000 taken by the proprietor for personal use have been debited to Debtors’ Account.
(iv) ₹ 1,000 paid for repairs to building have been debited to Building Account.

Q. Rectify the following errors:
(i) The total of one page of Sales Book was carried forward as ₹ 371 instead of ₹ 317.
(ii) ₹ 540 received from Yatin was posted to the debit of his Account.
(iii) Purchases Returns Book was overcast by ₹ 300.
(iv) An item of ₹ 1,062 entered in Sales Return Book had been posted to the debit of customer who returned the goods.
(v) ₹ 1,500 paid for furniture purchased had been charged to ordinary Purchase Account.

Q. Correct the following errors in Hari’s Books:
(i) Credit sale of ₹ 132 to R. Krishan correctly entered in Sales Journal but posted to his account as ₹ 312.
(ii) The total of the credit side of Ramesh’s Account was overcasted by ₹ 2,000.
(iii) Total of the Purchases Journal of ₹ 5,250 has been posted to Purchases Account as ₹ 5,205.
(iv) Printer purchased from R. Ltd. for ₹ 4,000 on credit was entered in the Purchases Book.
(v) An item of ₹ 2,000 entered in the Sales Return Book was posted to the debit of Pandey who had returned the goods.

Q. Correct the following errors in Mohan Lal’s Book:
(i) A sum of ₹ 1,500 written off as depreciation on furniture has not been debited to the Depreciation Account.
(ii) Returns Outward Journal has been overcast by ₹ 85.
(iii) Basudev returned goods worth ₹ 500; his account was debited by this amount.
(iv) Purchase from Krishna Mohan of ₹ 2,250 has been debited to his account.

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