wiz-icon
MyQuestionIcon
MyQuestionIcon
1
You visited us 1 times! Enjoying our articles? Unlock Full Access!
Question

How do you fix errors of omission?


Open in App
Solution

We can redress the mistakes or errors of omission by passing a journal entry by giving the right debit and credit to the records. To amend a mistake, we need to drop the impact of wrong debit or credit by reversing it and reestablish the impact of right debit or credit.

For instance, rupees 1,00,000 worth of salaries wasn’t recorded. To make the remedy, a journal entry of rupees 1,00,000 should be added under “salary expense account” (debit) and rupees 1,00,000 added as “salaries payable” (credit).

Also check:Difference Between Error of Omission and Error of Commission


flag
Suggest Corrections
thumbs-up
1
Join BYJU'S Learning Program
similar_icon
Related Videos
thumbnail
lock
Petty Cash Book
ACCOUNTANCY
Watch in App
Join BYJU'S Learning Program
CrossIcon