What is meant by undercast and overcast in accountancy?
Explain with some transactions and their corresponding
journal entries.
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Answer Posted / prateek
casting (totaling) errors in a journal are called error of casting. Now, total of the column can be taken has less than the actual total or more than it. if the total made by us is less than the actual total then it is said to be short-casted or under-casted and if the total made by us is more than the actual total then it is said to be over-casted.
suppose,the question says that the sales book is short-casted by Rs. 100 rectify the error?
ans.if the sales book is short casted by 100 then it will be posted with less credit of Rs. 100 to the sales account. To rectify the error following entry is passed:
Cr sales account by Rs.100
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