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Wrong amount entered in a ledger account.
Errors revealed by trial balance. All such errors can be revealed from trial balance. This means such errors will remain hidden. A Trial Balance can reveal a number of errors as pointed out here.
At other times the balance calculated may be smaller than the real balance. To find out what errors are not revealed it is important to remember how a Trial Balance works. Here are the more common errors with suggestions on how to find them.
Thus the errors can be classified on the basis of their effect on the trial balance as follows. Like Rs450 is entered as Rs540 in the ledger. There may be certain errors which might have been crept into the accounts but do not affect the agreement of the trial balance.
Debiting or crediting the wrong type of. If any wrong amount is entered in the ledger this will effect the trial balance. Trial balance is a listing of summary debit and credit account in which the total amount of credit side equal to the total amount of debit side.
Overcasting and undercasting errors adding up Day Books incorrectly and balancing off ledger. If a transaction is completely omitted. Such errors have been discussed below.
Sometime the total of debits side may be equal to the total of credits side yet still there may be errors. As we learned there are errors that do not affect the trial balance such as an error of accounting principle or compensating errors. Omission of an account from the Trial Balance Cash Bank etc.
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