Studying accounting is not easy. During the course, students encounter many problems like dealing with error recorded in subsidiary books. It can be difficult that is why the students look for Errors of Recording in Incorrect Subsidiary Book Homework Answers. They look for someone who can make this topic easier for them so that they can understand it more clearly. They look for someone who has the knowledge and can provide them with the best answers.
Sometimes, people make a mistake while recording a transaction in a wrong subsidiary book in place of recording it in purchase book. The purchase of goods sometimes wrongly gets recorded in the sales book. A similar thing happens in the case of sales of goods. The sales of goods wrongly recorded in the purchase book in place of sales book of the company. A transaction that needs to be mentioned in bills payable incorrectly documented in bills receivable.
Usually, these errors involve two subsidiary books. One of them is the book in which wrong posting has been made. On the other hand, another one is the book in which no entry was made. In this context, these books may have personal accounts in case its correct posting was not made in this account.
Explanation about the Errors of Recording in Incorrect Subsidiary Book
Any mistake in a subsidiary book signifies a mistake in the personal accounts of concern parties. For correcting these mistakes, the purchase account needs to be debited as it wasnâ€™t earlier. Sometimes sales account is required to be debited for counteracting the effect of the mistake made by posting it unnecessarily crediting it. As an alternative of credited by books of purchase.
In some cases, an error is being made in the subsidiary books. However, it was mentioned that the entries are posted correctly from concern partyâ€™s account. In this situation, only that correction related to the subsidiary books should be posted into subsidiary books, and no entry will be made in partyâ€™s account.
There are times when a transaction is wholly omitted from being posted in a subsidiary book with the debit balance. Instead, it posted in another subsidiary book that carries the same debit balance. In that case, it is believed that the accounts of concern parties are been passed correctly. The Errors of Recording in Incorrect Subsidiary Book Homework Answers helps in figure out errors as well as the solutions of these errors.
Explanation about suspense account
While maintaining the books of accounts some mistakes are related to principle, calculation and omission are expected to be made by the accountants. While some errors the credit side and debit side of the trial balance that it falls short in matching.
The final accounts that were shown on the closing day of the accounting period and therefore, accountants canâ€™t wait for a long process of discovering the mistakes made by him. It can delay the completion of the final accounts. Therefore, they are always advised to be ready with some provisional measures that can be readily adopted for resolving this problem.
The difference in the both side of the trial balance is transferred to an account. This account is the suspense account. This account acts as an imaginary account for having the solution of the problem momentarily. This account is maintained for the time being while the errors are detecting and are being rectified. After all the rectifications this account becomes invalid or zero. The functionality of this account can be understood with the help of Errors of Recording in Incorrect Subsidiary Book Homework Answers.
Errors made in subsidiary books
The Errors of Recording in Incorrect Subsidiary Book Homework Answers comes with complete information regarding this topic. This helps students in grasping the topic more clearly.Â Usually, three type of error is found in the subsidiary books. These errors are â€“
- Posting the wrong amount in subsidiary books.
- Posting transactions into incorrect subsidiary books.
- Wrong casting or carrying forward of subsidiary books.
When a student fails to figure out the complexity of these accounting errors and start losing their interest in the subject a profession helps comes as a blessing for them. These accounting mistakes are the mistakes that can take place in the personal accounts of the concern parties.
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