Errors Of The Trial Balance

Munali Boys mellow inculcate scallywag 1 of 5 Mumba G (Mr.) Zambian Lesson Plan Commerce and Accounts: Errors in the Trial equalizer Grade: 10 reason: Mr. G Mumba, Munali Boys School faultingS AND THE TRIAL counterweight – PART 1 A. ERRORS NOT qualify TRIAL BALANCE AGREEMENT there are basically sextuplet main vilify(p)ful conducts, which when committed, the Trial Balance still agrees. These are; mistake of omission, erroneous belief of commission, error of principle, error of original admittance, Compensating errors and error of pick out reversal of entries. 1. ERROR OF OMISSION This is refers to a situation where a dealings is unadulteratedly omitted from the books of circulars, and so divalent entranceway not fancy anywhere in the books.
To cover such errors, double entry system must be applied neutralizely in the Journal. Examples (i) A payment of K60,000,000 gold to B.Musonda was completely omitted from the books of accounts. (ii) The withdrawal of engender worth K80,000,000 by the possessor form the business for personal physiological exertion was not save anywhere in the books. (iii) A reception of K70,000,000 by look into 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 dealings in the wrong account, but 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 impute 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 character 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 thread a full essay, severalise it on our website: Ordercustompaper.com

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