When Alan Rayan failed the finals of his Business Administration degree, he opened a shop near the
Question:
When Alan Rayan failed the finals of his Business Administration degree, he opened a shop near the university selling secondhand books. The bookkeeper who maintained his ledger resigned shortly after the year-end. Alan felt that he had sufficient knowledge to extract a Trial Balance from his books of account and is surprised when the Trial Balance failed to balance.
Required:
(a) Explain to Alan why his Trial Balance fails to balance.
(b) Re-draft the Trial Balance as at 31 December 2010.
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a The Trial Balance fails to balance because of a fundamental accounting principle known as the dual...View the full answer
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Related Book For 
Financial Accounting An Introduction
ISBN: 9780273737650
2nd Edition
Authors: Mr Barry Elliott, Mr Augustine Benedict
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