Agreement of Trial Balance is not a conclusive proof of
absence of Errors. Will you support me
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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
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