Explain Error of omission with Examples.

1.	Explain Error of omission with Examples.
Answer» Error of omission: When a transaction is not entered in the books of original entry or not posted from the books original entry to the ledger, an error of omission is caused. The omission may be complete or partial. If a transaction is not entered in the subsidiary books, it is a case of complete omission as the posting in the ledger accounts are also omitted. In this both the debit and credit aspects go unrecorded, it does not affect the agreement of Trial Balance. If only one aspect of a transaction is recorded, it is a case of Partial omission. It happens while posting from day books to ledger accounts. This will affect the agreement of Trial balance.

Answer»

Error of omission:

When a transaction is not entered in the books of original entry or not posted from the books original entry to the ledger, an error of omission is caused. The omission may be complete or partial. If a transaction is not entered in the subsidiary books, it is a case of complete omission as the posting in the ledger accounts are also omitted.

In this both the debit and credit aspects go unrecorded, it does not affect the agreement of Trial Balance. If only one aspect of a transaction is recorded, it is a case of Partial omission. It happens while posting from day books to ledger accounts. This will affect the agreement of Trial balance.

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