A trader, who commenced business in the year, extracted his Trial Balance on the last day of

Question:

A trader, who commenced business in the year, extracted his Trial Balance on the last day of the first month as shown on the right. It failed to balance. Which of the following would explain the failure:

(a) The Trial Balance fails to include one or more of account balances

(b) Salaries, an expenditure, has been stated in error as a credit balance

(d) A payment has been posted wrongly to the credit side of an account instead of debit

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Related Book For book-img-for-question

Financial Accounting An Introduction

ISBN: 9780273737650

2nd Edition

Authors: Mr Barry Elliott, Mr Augustine Benedict

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Question Posted: Aug 26, 2023 06:43 AM

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A trader, who commenced business in the year, extracted his Trial Balance on the last day of

Question:

Trial Balance Capital account Motor vehicles account Purchases account Sales account Salaries account Other expenses account Cash account Debit - £20,000 £112,000 £22,000 £48,000 Credit £50,000 £186,000 £34,000 £202,000 £270,000

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Financial Accounting An Introduction

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