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Dear Mr Moffat
Please , help me to understand this one.
Error – ‘ recording a prompt payment discount allowed correctly in general ledger but not recording it in the subsidiary ledger’
Can this error be disclosed by TB or not ?
if it can be disclosed-why ?
if it can not be disclosed-why?
Why subsidiary leger is important for trial balance ?
Regards. Rafal
It would be surprising if the exam were to use the term ‘subsidiary ledger’ because it is not a standard term.
Here, it must refer to the receivables ledger.The receivables ledger is not part of the double entry – the double entry is all in the general (nominal) ledger, and the trial balance is a list of the balances in the general ledger.
It will help you to watch my free lectures on Books of Prime Entry. The lectures are a complete free course for Paper F3 and cover everything needed to be able to pass the exam well.
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