tell me the meaning of undercasted , ommitted , bill receivable , dishonoured

Dear student,

Undercast means undervaluation of the values. Generally undercast is associated with the Subsidiary Books like Cash Book, Sales Books, etc. Undercast of a Subsidiary Book (say, Purchases Book) implies that the total of the book is lower than its actual amount. In both cases, the total of the Subsidiary Book does not reveal the actual balance in the books.
Example of Undercast: If the total of the Purchases Book (of Rs 17,000) is undercast by Rs 3,000, then it implies that the actual (true) amount in the Purchases Book is Rs 20,000.  

Omitted means when a statement or clause is left out or is not mentioned or is neglected.
Errors of omission− When an entry gets omitted during recording in the book of original entry or during posting the transaction, then the error of omission is committed. There are two types of errors of omission, viz.: Partial omission and Complete omission.

Bills receivable is a negotiable instrument (that is as mutually agreed by the parties involved) that is received by the business and accepted by the debtor, to pay the specified amount on the maturity date.

Dishonour means when a person fails to meet his or her obligations on time, then check or bill is said to be dishonoured.


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