If we miss a entry at journal can we find it in latter stage or in audit how c

If we miss a entry at journal can we find it in latter
stage or in audit how can be find it

Question Posted / ruchi

4 Answers
7959 Views
Ernst Young, I also Faced
E-Mail Answers

Answers were Sorted based on User's Feedback

If we miss a entry at journal can we find it in latter stage or in audit how can be find it..

Answer / baljeet

Trial balance will not get tallied. Its corresponding
Account will not tally.

Like many companies passes JV for cash payments, if I miss
to pass the cash paid antry, cash account will not tally
with Actual physical cash.

It can be tracked.

Is This Answer Correct ?

13 Yes

4 No

If we miss a entry at journal can we find it in latter stage or in audit how can be find it..

Answer / anil

In case of tangible assets, stock, cash/bank and other
physical available things the missed entry can be find out
by way of reconciliation.

In case of non tangible ex. Commission receivable/payable,
ledger balances etc. the confirmation from third party can
be obtained.

In case of non tangible and non availability of third party
ex. depreciation excel and statistics formula will be
helpful.

Is This Answer Correct ?

1 Yes

0 No

If we miss a entry at journal can we find it in latter stage or in audit how can be find it..

Answer / vijay

basically it is found out only while preparin t a/cs and
somtimes we can pass a rectification entry also

Is This Answer Correct ?

5 Yes

5 No

If we miss a entry at journal can we find it in latter stage or in audit how can be find it..

Answer / v.sreenivasulu

I CAN'Y SAY EXACTLY, BUT I WILL GIVE AN EXAMPLE:-

JOURNAL : SALARIES PAID.

P&L A/C ..............DR
TO CASH A/C

IF U MISS TO POST THIS TRANSACTION.

BANK/PHYSICAL BALANCE CANNOT BE RECONCILED. OUTSTANDING
SALARIES APPEARED ON LIABILITIES SIDE.

TRIAL BALANCE WILL NEVER EFFECT WHEN WE MISS TO POST
JOURNAL ENTRY.

Is This Answer Correct ?

1 Yes

3 No

Post New Answer