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Errors in trial balance

Forums › FIA Forums › FA2 Maintaining Financial Records Forums › Errors in trial balance

  • This topic has 4 replies, 2 voices, and was last updated 4 years ago by maximus07.
Viewing 5 posts - 1 through 5 (of 5 total)
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  • May 10, 2021 at 8:37 am #620193
    maximus07
    Participant
    • Topics: 446
    • Replies: 437
    • ☆☆☆☆

    The book is telling two different errors
    – Posting incorrect amounts
    – Original entry
    It is saying that, incorrect amount is posting any wrong amount from invoice while original entry is posting wrong amount from a Day book.
    I still can not figure out difference, can you help me how these two are different?

    May 10, 2021 at 12:05 pm #620208
    Ken Garrett
    Keymaster
    • Topics: 10
    • Replies: 10591
    • ☆☆☆☆☆

    The commonest classifications of double entry errors are:

    – An error of original entry occurs when a figure is entered into the accounts incorrectly.
    – An error of principle is when entries are made into the wrong type of account (eg to non-current assets rather than expenses).
    – An error of commission is similar to an error of principle as entries are made into the wrong account but this time in the right category is used (eg posting to wages rather than rent)

    Sometime compensating errors are also talked about where two errors cancel out – but these are rare.

    I suppose in your classification, an error of original entry would be entering a cash receipt as $413, when it was actually for $431. Both the Dr and Cr are wrong.

    Posting the incorrect amount would be entering $431 in the cash book (correct) but $413 in the receivables ledger.

    May 10, 2021 at 1:18 pm #620212
    maximus07
    Participant
    • Topics: 446
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    • ☆☆☆☆

    Sir you mean to say that posting incorrect amount is same as original entry (one sided)?

    May 10, 2021 at 4:58 pm #620235
    Ken Garrett
    Keymaster
    • Topics: 10
    • Replies: 10591
    • ☆☆☆☆☆

    An error of original entry is usually two-sided: an error of original entry would be entering a cash receipt as $413, when it was actually for $431. Both the Dr and Cr are wrong.

    Posting incorrect amounts could include errors of original entry but also: entering $431 in the cash book (correct, no error of original entry) but $413 in the receivables ledger.

    May 10, 2021 at 5:21 pm #620236
    maximus07
    Participant
    • Topics: 446
    • Replies: 437
    • ☆☆☆☆

    Yes sir. I got it. Thank you.

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