Trial Balance and Rectification of Errors — Account STD 11 Commerce — Question
CBSE BoardEnglish MediumSTD 11 CommerceAccountTrial Balance and Rectification of Errors1 Mark
MCQ
Which type of error do not effect net profit?
A
Affecting nominal account only
✓
Affecting personal and real a/cs
C
Both
D
None
✓
Answer
Correct option: B.
Affecting personal and real a/cs
Nominal account consider all income and gains which is shown in trading and profit and loss account for finding net profit.
As personal account consider liability and capital related to person which is shown in balance sheet where real account related assets which is shown in balance sheet hence both are not affecting the profit.
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