Trial Balance And Rectification Of Errors
Telangana Open School (TOSS) · Class 12 · Accountancy
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What is a Trial Balance?
Answer
A Trial Balance is a statement prepared on a specific date that lists the debit and credit balances of all ledger accounts. Its main purpose is to check the arithmetical accuracy of ledger postings. I…
What are the main objectives of preparing a Trial Balance?
Answer
The main objectives are: 1. To check arithmetical accuracy of ledger postings. 2. To help in preparing financial statements like Trading and Profit & Loss Account and Balance Sheet. 3. To assist in lo…
Name the three methods of preparing a Trial Balance.
Answer
The three methods are: 1. **Balance Method**: Only the closing balances of each ledger account are shown in the trial balance. 2. **Total Method**: The total of both debit and credit sides of each acc…
Why does a Trial Balance agree even when some errors exist?
Answer
A Trial Balance agrees when the total of debit balances equals the total of credit balances. However, this only proves arithmetical accuracy, not complete correctness. Some errors—like compensating er…
What is an error of omission?
Answer
An error of omission occurs when a transaction is not recorded at all or only partially recorded. For example, goods purchased on credit are not entered in the Purchases Book. If completely omitted, b…
What is an error of commission?
Answer
An error of commission happens when a transaction is recorded incorrectly, though the principle is correct. Examples include: - Wrong amount entered (e.g., ₹5000 instead of ₹3000) - Wrong account (e.g…
What is an error of principle?
Answer
An error of principle occurs when a transaction is recorded in violation of accounting principles, especially the capital vs. revenue distinction. For example, ₹5,000 spent on building repairs is debi…
What are one-sided errors?
Answer
One-sided errors affect only one account or one side of an account. These errors cause the Trial Balance to disagree. Examples include: - Overcasting or undercasting a subsidiary book (e.g., Sales Boo…
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