Which of the following statement is TRUE in the context of type of errors made while recording a business transaction? i) A sale of Rs. 500 made to Kamal has been posted on the debit side of Kishore's Account is an example of one-sided error. ii) A payment of Rs. 1,000 towards interest was posted twice to Interest Account is an example of one-sided error.
Only (ii)
The correct answer is option 1. The statement "Only (ii)" is correct. A payment of Rs. 1,000 being posted twice to the Interest Account is indeed an example of a one-sided error as it involves duplicating an entry in a single account. The first statement about posting a sale to the wrong account (Kamal’s sale posted to Kishore’s account) is an example of an entry in the wrong account, not a one-sided error, so it is incorrect.
Similar Questions
If the account of Mr. Jay was debited by Rs. 495 instead of being credited by Rs. 459, the rectification will be done by ______.
Errors committed because of failure to make a proper distinction between revenue and capital items are called _____.
Which of the following is/are example(s) of a two-sided error while recording a business transaction?
(i) ₹100 received from Deshmukh was posted to his account as ₹10.
(ii) The Purchases Book is overcast by ₹1,000.
(iii) A credit sale of ₹1,080 to Anand was wrongly recorded in the Sales Book for ₹1,800.
Failure to differentiate between capital and revenue expenditure results in Errors of ______.
If a credit purchase of machinery is recorded in purchase book instead of journal proper it is an error of _______.
Which of the following error, will be rectified through suspense account?
Classify the following errors:
(i) Credit sale of ₹1,500 to Piyush was correctly recorded in sales book but not posted to Piyush’s Account.
(ii) Purchases book was undercast by ₹100.
The salary paid to Mr. Viraat, a clerk, for the month of August 2023, debited to the furniture account instead of the salary account will be regarded as an _______.
Important Questions from Rectification of Error
Which one of the following errors affect the trial balance?
Which one of the following is not a clerical error?
If the account of Mr. Jay was debited by Rs. 495 instead of being credited by Rs. 459, the rectification will be done by ______.
Errors committed because of failure to make a proper distinction between revenue and capital items are called _____.
Which of the following is/are example(s) of a two-sided error while recording a business transaction?
(i) ₹100 received from Deshmukh was posted to his account as ₹10.
(ii) The Purchases Book is overcast by ₹1,000.
(iii) A credit sale of ₹1,080 to Anand was wrongly recorded in the Sales Book for ₹1,800.
