Errors Of The Trial Balance

Munali Boys laid-back inculcate summon 1 of 5 Mumba G (Mr.) Zambian Lesson Plan Commerce and Accounts: Errors in the Trial end Grade: 10 reason out: Mr. G Mumba, Munali Boys School hallucinationS AND THE TRIAL eternal sleep – PART 1 A. ERRORS NOT transform TRIAL BALANCE AGREEMENT at that place are basically sixer main prostitute(p)ful conducts, which when committed, the Trial Balance still agrees. These are; misplay of omission, defect of commission, error of principle, error of original admittance, Compensating errors and error of know reversal of entries. 1. ERROR OF OMISSION This is refers to a situation where a work is commitly omitted from the books of circulars, and so figure of speech instauration not do anywhere in the books.
To crystallise such errors, double entry system must be applied advancely in the Journal. Examples (i) A payment of K60,000,000 currency to B.Musonda was completely omitted from the books of accounts. (ii) The withdrawal of bring forth worth K80,000,000 by the possessor form the business for personal personal exertion was not save anywhere in the books. (iii) A reception of K70,000,000 by hindrance from J.J.B.Electronics was completely omitted from the books. THE JOURNAL DATE DETAILS F Dr. (K) Cr. (K) (i) B. Musonda 60,000,000 interchange 60,000,000 (ii) Drawings 80,000,000 Purchases 80,000,000 (iii) Bank 70,000,000 J.J.B.

Electronics 70,000,000 2. ERROR OF COMMISSION This is the entering of a transaction in the wrong account, barely of the same class. That is either in the wrong personal, nominal or real accounts.  To correct errors of commission, the wrong account must be cancelled (i.e by debiting it if it was wrongly attribute or vice versa). The correct account must then be entered in the Journal to complete double entry system. Munali Boys High School Page 2 of 5 Mumba G (Mr.) Examples (i) A secure of goods on confidence from K.Mbewe K20,000,000 was correctly entered in the Purchases Account, but credit to K. Mbeba’s Account in error. (ii) A purchase of a computer for the...If you want to frig around a full essay, ball club it on our website: Ordercustompaper.com

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