Question

A credit balance in the sum of Rs.93 has been omitted from the list of balances extracted from the sales ledger.The effect on the trial balance would be

Answer 1

Answer:

the trial balance will not balance , the difference would be  RS 93

Explanation:

Answer 2

Answer:

The trial balance will not balance , the difference would be  RS 93

Explanation:

When the total sales book is not posted to the ledger at all, this is an error of partial error. Trial balance is prepared from the balances of the ledger accounts. This error will affect the trial balance because sales account ledger always has a credit balance and a missing balance will lead to unstable balance. Here the debit balance of the trial balance will exceed the credit balance because of the missing credit balance of sales account.

This will affect the profit of the year because sales account balance is transferred to the credit of trading account which affects the profit. Missing sales account balance decreases the profit of the year.

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