If a sale of Rs 500 to Ram is debited as only of Rs 50 to his account, whil

Question

If a sale of Rs 500 to Ram is debited as only of Rs 50 to his account, while a sale of Rs 50 to Shyam is debited as of Rs 500 to his account, then which type of error is this?

Options:

A . Errors of omission

B . Errors of Commission

C . Errors of Principle

D . Compensating Error

Answer: Option D
:
D
Since amount of short debit & credit is equal, therefore it is a compensating error.

Was this answer helpful ?

Next Question

Submit Solution

More Questions on This Topic :

Question 1. If the total of the debit column in the trial balance is more than the credit column, the difference is placed to the___....of suspense account so that the trial balance may tally.

Question 2. Sales to Meena for Rs.4200 have been posted to her credit as Rs.2400. What shall be the net effect on the Gross Profit o....the net effect on the Gross Profit of this transaction?

Question 3. Manish A/c is credited by Rs. 4500 while Manish A/c was to be debited by the same amount. Which of the following is corr....by the same amount. Which of the following is correct?

Question 4. Error of undercasting in the sales return book is under debiting it or debiting it with lesser amount. The rectification....rectification of this error will require ___ sales returns account.

Question 5. Goods worth Rs 1550 were sold to Sujata. It was recorded as Rs 1050 instead of Rs 1550. To rectify this mistake which of....To rectify this mistake which of the following is correct?

Question 6. Repairs of building is debited to Building A/c. This is an ___ .....

Question 7. What shall be the value of debit in machinery account in this case? Cost of Machine: Rs 100000 Taxes : Rs 10,000 Carr....10,000 Carriage Inwards : Rs 500 Wages for Installation : Rs 500

Question 8. A loan of Rs 100000 was taken from a friend Ram, but instead it was recorded as Rs 10,000 in the books. To rectify this ....To rectify this mistake which of the following is correct?

Question 9. Which of the following account(s) will be affected, while rectifying the error of carriage charges, paid for a new plant....for a new plant purchased mistakenly debited to carriage account?

Question 10. Sohan’s A/c is debited by Rs 2500 while it was to be debited by Rs 3500 and Mohan’s A/c is debited by Rs 3....error, which of the following can be a rectifying entry?

Chapter 1 - GLOBAL STEEL SCENARIO & INDIAN STEEL INDUSTRY Part 1 : (13-04-2024) INDUSTRY AND COMPANY AWARENESS (ICA)

Direction Sense Test Part 1 Reasoning (Hindi)

Chapter 1 - RMHP / OHP / OB & BP Part 1 : (14-02-2024) GPOE

Cube & Cuboid Part 1 Reasoning (Hindi)

Data Interpretation (DI) Basic Concept Reasoning (Hindi)

Counting Figures Part 1 Counting Of Straight Lines Reasoning (Hindi)

Sail E0 free webinar Webinars

Real Numbers Part 7 Class 10 Maths

Real Numbers Part 1 Class 10 Maths

Polynomials Part 1 Class 10 Maths

DSP Combined 1 Free Revision Test SAIL JO E-0

GPOE / GPA Combined 1 Free Revision Test SAIL JO E-0

BSP Plant Specific Review Test SAIL JO E-0

BSL Combined 1 Free Revision Test SAIL JO E-0

GFM Combined 1 Free Revision Test SAIL JO E-0

Submit Solution

More Questions on This Topic :

Latest Videos

Latest Test Papers