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Trail Balance and Rectification of Errors

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Trial Balance: A Trial Balance is a list of balances of all ledger accounts. It is only a statement and not an account. Trial Balance consists of a debit balance column with all debit balance of accounts and credit column with all credit balances of accounts.

Rectification of Errors:

  • Error of Commission is an error, which is committed wrong totalling, wrong casting subsidiary books or wrong recording of amount books of original entry.
  • Error of Omission: When a transaction is completely or partially omitted from recorded in books of accounts.
  • Error of Principle: When a transaction is recorded in contravention of accounting principle.
  • Compensation Error: When two mistakes nullify the effect of each other and spite of error in both the accounts trial balance still agrees.

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Exercise 4

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