- This topic has 3 replies, 2 voices, and was last updated 9 years ago by
.
- Posts
Dear Sir,
If information is taken directly from invoices and posted in personal accounts, then errors from sales/purchases day book will apparently not affect personal accounts. Otherwise, if figures are taken from day books, then they will.
So, if the question is “Does an error in sales day book (or purchases day book) affect the list of personal receivable (or payable) account balances?”, what would be the answer?
Thank you!
You have answered your own question!
The figures in the personal ledgers are taken from the day books (unless obviously the question said different) and therefore if an invoice is entered wrongly in the day book then the personal account will be wrong.
Our free lectures on Books of Prime Entry will help you.
(Our free lectures are a complete course for Paper F3 and cover everything needed to be able to pass the exam well.)
- You must be logged in to reply to this topic.