Interested to Buy Any Domain ? << Click Here >> for more details...
Agreement of Trial Balance is not a conclusive proof of
absence of Errors. Will you support me
- 6 Answers
- 10022 Views
- I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
Answer / prem
yes TB is not a conclusive proof of absense of errors
because there may be compensentating errors which
compensates both DR side and CR side of TB.
| Is This Answer Correct ? | 8 Yes | 0 No |
Answer / satyaki_raju@yahoo.com
Mr Prem to some extent your answer is correct.Even though
the Trial balance tallied there may be chances for mistakes
which cannot be detected by TB. As you said there may be
compensating errors,Errors of principle,Errors of
commission and Errors of commission Those can be detected
thru thorough auditing.In this juncture I want to advice to
post question or answer thru your e-mail.It will help you a
lot. You can glance the answer posted by others which helps
to rectify yourself
| Is This Answer Correct ? | 5 Yes | 0 No |
Answer / priya
I agree with you as agreement of trial balance is not a
conclusive proof of absence of errors.
The purpose of Tb is to check
arthematic accracy before we prepare Final accounts so here
we are only concerned of tallying debit and credit and not
detecting errors or rectifying them.
By prepering tb it helps us to find errors only
when there is difference between debit amount and credit
amount and it is rectified.
Mr Raju i appreciate your way of questioning but as far
your question is concerned i will support it. And it is
secondary how and when the errors are rectified.
| Is This Answer Correct ? | 4 Yes | 0 No |
Answer / satyaki_raju@yahoo.com
Dear Amit Kumar Pal dont ever say YES. Try to confirm your
answer Yes.Your answer has to help you to revise you.And
also try to answer any question thru your e-mail.It will
help you.
| Is This Answer Correct ? | 2 Yes | 1 No |
Answer / satyaki_raju@yahoo.com
Priya thanQ for the question. The errors which were not
detected by TB will be known only thru thorough audit.They
will come out only thru verifying of statements sent by the
supplires and bankers.Then rectrification entry can be
passed as required.
I am a Tax Practioner at Hyderabad.
Recently I wrote a book on Interviews mainly based on
commerce. My concept purely based on practicality. You can
receive a sample book by sending your e-mail id to
satyaki_raju@yahoo.co.in
satyakiraju@gmail.com
| Is This Answer Correct ? | 0 Yes | 0 No |
my boss (Managing Partner of a firm) promoted along with his wife a private limited company. he and she spent some Rs. 75,000/- (approx) for the promotion of the company. i know that they usually fall under the head of preliminary expenses. but after receiving the certification of incorporation of the company how shall i repay them to the promoters i.e. what is the accounting entry in the books (initial books of accounts) for the expenditure incurred. they have kept in hand 5,00,000/- each to meet the expenses and they were allotted shares of equal to the amount. can i allot shares for a consideration of cash from and excluding the preliminary expenses. can i take cash towards the share application money (being the cash more than Rs. 20,000/-) as the company has not opened a bank account yet. please give me the detailed answer with journal entries that can be entered in tally. thank you.
WHO ARE THE PROMOTERS?
Expand A D T A
what is meant by derivatives
2 Answers Capital IQ, RRDonnelley,
Why interest on partner's loan is not transferred to his capital account? What is the logic for transferring it to his current account/ loan account or accrued interest account?
Huge advertising expenses on the introduction of a new product in the market. The expenditure is called ---------
How long are you working as thise field? Why did you choose to make your career in thise field?
explain about mergers & aquisitions? asked on 30/7/09
What is the meaning of Contingent Liability? Where is it shown in the Balance Sheet?
What is the new name for Stock exchanges ? (recently)
HOW TO PASTE MORE THAN 8 PO'S (PURCHASE ORDER) IN MM posting?
what is Debit note and Credit Note ?
Audit 
