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Is it correct for these to be SP trade payables for year end balances?
1. Agree the year end balances of payables with general ledgers,tial balances and FS
2. Agree payments to supplier with cashbook year end balance
FOR SELECTED SUPPLIERS CHECK RECONCILLIATION WITH THE SUPPLIER STATEMENT AND IDENTIFY DIFFRENCES WHETHER THESE ARE DUE TO GOODS IN TRANSIT OR CASH IN TRANSIT. FOR THE GOODS RECEIVED BEFORE YEAR END MAKE SURE THESE BECOME PART OF INVENTORY AND FOR CASH IN TRANSIT CHECK THE BANK STATEMENT AFTER YEAR END. THIS ENSURES THE EXISTENCE OF VALID LIABILITY AS WELL AS COMPLETENESS AS TO INVENTORY.
AGREE THE BALACE OF TRIAL BALACE WITH GENERAL LEDGER AND NOMINAL LEDGER AND MAKE SURE BALANCE IS DISCLOSED PROPERLY IN BALANCE SHEET.
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