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Trial balance errors

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › Trial balance errors

  • This topic has 2 replies, 2 voices, and was last updated 9 years ago by John Moffat.
Viewing 3 posts - 1 through 3 (of 3 total)
  • Author
    Posts
  • August 2, 2015 at 3:52 am #264546
    accalmz
    Member
    • Topics: 19
    • Replies: 12
    • ☆

    Dear sir,

    I came across the following question and couldn’t understand the correct answer.

    ———————–
    The debit side of a company’s trial balance totals $800 more than the credit side. Which one of the folloiwng errors would fully account for the difference?
    A. $400 paid for plant maintenance has been correctly entered in the cash book and credited to the plant asset account.
    B. Discount received $400 has been debited to discount allowed account.
    ———————–
    The correct answer is B but I think both A and B are correct. Can you enlighten me? thanks

    Liming

    August 2, 2015 at 7:58 am #264578
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54699
    • ☆☆☆☆☆

    The correct entry for A would be Cr Cash and Dr plant maintenance.
    What they have done is Cr Cash (which is correct), but Cr plant asset.
    The fact that the entry is in the wrong account does not stop them balancing, but because they have two credits instead of a credit and a debit, it means that the total of the credits will be higher than the total of the debits. (whereas their trial balance has the total of the debits being too big).

    January 31, 2016 at 9:25 am #298630
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54699
    • ☆☆☆☆☆

    sabeera123: Please do not answer in this forum – it is the Ask the Tutor Forum, and you are not the tutor.

    Especially when I have already answered and explained why A is not the correct answer.
    (We already knew that B was the correct answer – accalmz had written that B was the correct answer!!!)

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