When the Trial Balance does not tally a temporary account called ‘Suspense Account’ is opened to balance the trial balance. So when the trial balance is agreed there is no need to open ‘Suspense Account’.
i. This statement is True.
The loan is taken from a person or bank and they are persons either natural or person or artificial persons.
ii. This statement is True.
All properties/assets come under real...
No, the approach is not correct because the two items are separate. Call-in-Arrears is shown by way of deduction from the Called-up Share Capital whereas Calls-in-Advance is shown as Current...
This statement is True.
Trial balance is an extract of ledger balances. Ledger is prepared of journal book which follows the Double Entry System of bookkeeping. When both the effects of...
This statement is True.
A Trial balance is a statement of debit and credit balances extracted from the various accounts in the ledger. All business transactions are recorded first in Journal...
This statement is False.
The errors of principle and errors of complete omission can be rectified by passing entries. So all the errors can not be rectified by the Trial Balance.
