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Ujjawal Gupta 8 years, 6 months ago
When we see from the side of business, Owner's capital is a liability for the firm. It is because the firm has to give back more or equal the amount contributed by the owner. So according to Business entity principle Owner and business are seperate.
Posted by Khushi Rastogi 8 years, 7 months ago
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Naveen Sharma 8 years, 7 months ago
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.
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Ujjawal Gupta 8 years, 6 months ago
Drawing A/C....Dr.
To Bank/Cash A/C
(Bank/cash depending on the situation given)
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