What are the errors of trial balance?

Open in App

Solution

The errors of the trial balance can be as follows:

Entries that are recorded twice

Entries that are not recorded at all

Entries made to the wrong account

Reversed entries

Transposition of numbers

Also read:

Errors of Commission

Errors of Omission

Rectification of Errors

How to Prepare Trial Balance

Income and Expenditure Account Based on Trial Balance

MCQs on Trial Balance

Learn about more commerce questions and answers from different topics in business studies, economics and accountancy from our website.

Suggest Corrections

Similar questions

State whether the following statements are True or False-

1) A trial balance can agree in spite of certain errors.
2) Errors committed due to lack of accounting knowledge are errors of omission.
3) Trial balance is prepared from the balance of ledger accounts.
4) Rectification entries are passed in cash book.
5) Single sided errors affect only one account.
6) Suspense account is automatically closed after rectification of all errors.
7) Errors affecting the agreement of trial balance are called on side errors.
8) There is no need to open a suspense account if the trial balance agrees.
9) All the errors can be rectified only through suspense account.
10) Compensating errors affect the agreement of trial balance.

An inexperienced Accountant has prepared the following Trial Balance as you are expert in Accountancy find out errors and redraft the Trial Balance.

Trial Balance as on 30th March, 2002
Particulars	L.F.	Debit balance Amount Rs	Credit balance Amount Rs
Opening Stock		10,000
Purchases		40,000
Sales			50,000
Machinery			50,000
Goodwill		50,000
Wages			200
Commission Received		500
Sundry Debtors		40,000
Sundry Creditors			20,500
Bills Payable		50,000
Postage & Telegrams		500
Interest received		200
Capital			70,000
Commission allowed			500
		1,91,200	1,91,200

What kinds of errors would cause difference in the trial balance? Also list examples that would not be revealed by a trial balance?

Q. Which of the following errors are revealed by trial balance?

Which of the following errors do not effect trial balance

Join BYJU'S Learning Program