CORRECTION OF ERRORS
Hey
Readers, Happy New Day to you all. I know without a doubt that God has been
Kind to you and all your Family members. Even though you can't really boast of
anything Amazing in your Life right now, you are ALIVE!!!!. that alone is Amazing
so today if you are downcast just focus on celebrating your Life and let's make
the enemy Mad together. LOLZ, so let's get right to work......
In
preparing a Trial Balance the both sides must be equal where by one side is
greater than the other, it means there is an error. Errors must be corrected in
two ways.
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Errors that don't affect the agreement of the Trial Balance.
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Errors that will affect the agreement of the Trial Balance.
SOME ERRORS
THAT CAN OCCUR IN TRIAL BALANCE:
1. Error of Original Entries- This occurs
when a wrong amount is entered in the debit and credit side. For Example- Sales
of N101 to Ayo must be entered in the account as N201.
2. Error of Omission- This occurs when a
Transaction is totally omitted from the debit and credit side of the account.
3. Error of Commission- This occurs when a
transaction is entered in a wrong person's account. For Example- Purchases of
Goods of N70 from Martin was entered in Michael's
