Trial Balance and Rectification of Errors
Karnataka Board · Class 11 · Accountancy
Flashcards for Trial Balance and Rectification of Errors — Karnataka Board Class 11 Accountancy. Quick Q&A cards covering key concepts, definitions, and formulas.
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What is a Trial Balance? Define and state its main purpose.
Answer
A Trial Balance is a statement showing the balances (or total of debits and credits) of all accounts in the ledger to verify the arithmetical accuracy of posting into ledger accounts. It shows the fin…
List the three main objectives of preparing a Trial Balance.
Answer
1. To ascertain the arithmetical accuracy of ledger accounts 2. To help in locating errors 3. To help in the preparation of financial statements (Profit & Loss Account and Balance Sheet)…
What are the three methods of preparing a Trial Balance? Which method is most commonly used?
Answer
Three methods: 1. Totals Method - Shows total debits and credits of each account 2. Balances Method - Shows balances of all ledger accounts (Most commonly used) 3. Totals-cum-Balances Method - Combine…
Which types of accounts normally have DEBIT balances and which have CREDIT balances?
Answer
DEBIT BALANCES: - Assets (Cash, Bank, Machinery, Stock) - Expenses (Salaries, Rent, Depreciation) - Drawings - Receivables (Debtors, Bills Receivable) CREDIT BALANCES: - Liabilities (Creditors, Bills…
What are the four main types of errors in accounting?
Answer
1. Errors of Commission - Wrong posting, totaling, or balancing due to clerical mistakes 2. Errors of Omission - Complete or partial omission of recording transactions 3. Errors of Principle - Violati…
Give an example of an Error of Commission.
Answer
Example: Raj Hans Traders paid ₹25,000 to Preetpal Traders. This was correctly recorded in the cash book, but while posting to the ledger, Preetpal's account was debited with only ₹2,500 instead of ₹2…
What is the difference between Complete Omission and Partial Omission errors?
Answer
Complete Omission: When a transaction is completely omitted from recording in books of original entry. Example: Credit sales to Mohan ₹10,000 not entered in sales book at all. Partial Omission: When …
Give an example of an Error of Principle.
Answer
Example: Amount spent on additions to building (which should be treated as capital expenditure and debited to Building Account) is instead debited to Maintenance and Repairs Account (treating it as re…
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Sources & Official References
- Karnataka SSLC — kseeb.kar.nic.in
- Dept of Pre-University Education, Karnataka
- National Education Policy 2020 — education.gov.in
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