Thursday, May 7, 2009 @ 11:23 PM
Errors on omission - Account that is not record
Errors on commission - Correct side but wrong account with the same category.
Errors of principle -Correct side but wrong account with the different category.
Errors of original entry - Wrong figure
Errors of compensating - Overcast and undercast.
Complete reversal of entries - Record wrong side.
Balance Sheet as at 31 Dec
______________________________________________________________________
Fixed Assets
_________
Land and Building
Office Furniture
Motor Vehicle
Fixture and Fitting
Office Equipment
Current Assets
___________
Stocks
Debtors
Prepaid Rent
Bank
Cash