- This topic has 5 replies, 2 voices, and was last updated 10 years ago by
.
- Posts
The petty cash book balance 500$ has been omitted from the trial balance. .does this error require an entry to the suspense account to correct it? actually does this error should be taken into account in a trial balance?
the answer is
yes.but it is confused to me because we know books dont affect trial balance, only control accounts affect trial balance.. in this question it is stated
petty cash book, then why we correct it and write it in trial balance? this is not control account, this is book..The trial balance lists the balances on all the t accounts.
Although there may well be a petty cash control account as well, the question implies that no balance for petty cash has been listed in the trial balance and therefore it will not balance.
- You must be logged in to reply to this topic.