Errors Disclosed And Not Disclosed By Trial Balance Homework Help
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Errors disclosed and not disclosed by trial balance
Errors disclosed by the Trial Balance:
A Trial Balance will not agree on account of the following errors:
- Wrong posting of entries i.e. A debit entry of Rs. 1,000 for purchase of furniture wrongly posted as Rs. 100 in the account.
- Omission of posting of debit or credit e.g. A debit entry of Rs. 1,000 for purchase of furniture is not posted at all.
- Duplication of posting e.g. when debit entry of Rs. 1000 for purchase of furniture has been posted twice in the account.
- Wrong side of posting e.g. when debit entry is posted on the credit side or credit entry is posted on the debit side, e.g. when a debit entry of Rs. 1000 is posted on the credit side, i.e. when debit entry of Rs. 1000 is posted on the credit side and vice versa.
- Errors in casting the totals of debit or credit side of the Trial Balance.
- Wrong transfer of balances in the Trial Balance.
- Omission of entering the balance of account in the Trial Balance.
- Balance of cash book omitted to be recorded in the Trial Balance.
- Wrong balancing of account.
- Errors in the total or posting or entries of subsidiary book.
- Wrong carry forward of balance in the various books, i.e. day books, cash book, etc.
Errors not disclosed by Trial Balance
The following errors do not affect the agreement of the Trial Balance:
- Errors or omission; omission to record any transaction
- Posting of wrong amount both debit and credit side of the account
- Error made in posting of debit or credit entry is compensated by an identical error of equal amount. These errors are known as compensating errors.
- Errors made in posting a transaction on the correct side of wrong account.
- Recording a transaction twice erroneously. These are known as errors of duplication.
- Errors of principle – when the accounting principle is disregarded e.g. a capital item as revenue item and vice versa, i.e. purchase of furniture posted to Purchases Account.
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