Start networking and exchanging professional insights

Register now or log in to join your professional community.

Follow

What accounts payable the same amount should be added to achieve balanced in trial balance?

During an internal audit of the branch was discovered increase the debtor's side of the trial balance of $10,000, The audit confirmed that the amount represents assets owned by the company has been paying its value. In any of the following accounts payable the same amount should be added to achieve balanced in Trial Balance .1 - long-term liabilities.2 - Retained earnings.3 - Beginning Balance Equity

user-image
Question added by Ahmed Kamel , FINANCE MANAGER , AL SHAMANDI CONSTR. AND DEVELOPMENT GROUP
Date Posted: 2013/07/03
BHUVANESH MAHENDRAN
by BHUVANESH MAHENDRAN , EXECUTIVE DOCUMENTATION , P L WORLD WAYS LTD

When you are preparing a trial balance, you may find that you have an unbalanced trial balance. This means that you have an error somewhere in the accounting process. Finding and correcting that error is where accountants and bookkeepers earn their stripes.

Below are possible sources of errors in your trial balance and steps on how to correct them.

Adding the debits and credits for the trial balance incorrectly

In preparing your trial balance, you add up the credit totals from your ledger account balances and place that total on the trial balance for that ledger account in the credit column. You do the same for the debit totals. One of the most common errors (and most easily found) is simply adding the columns incorrectly.

Solution: Double check your math and add the columns again. Typically, I'll add the column from top to bottom, then again from bottom to top, to make sure I get the same answer. 

Shahjahan Muhammed Siddiq
by Shahjahan Muhammed Siddiq , Senior Accountant , GND Inc Atlanta

Hence as per your question, which i can understand as per details provided this activity occurred in during the year, and the actual inventory should be Assets DR and Liability Credit - either depend on company policy it's short term or long term liability.
so as per your question the answer should be Credit Debtor and Debit the Liability account.

Mohammed Elsir Osman Musa
by Mohammed Elsir Osman Musa , lمحاسب مالي , FOUZ Gaseous Factory -Elprince investment and services company-Saudicem cement Co.ltd

وبالتالي وفقا لسؤالك، وأنا يمكن أن نفهم ما هو منصوص التفاصيل في هذا النشاط وقعت في خلال السنة، وينبغي أن تكون قائمة الجرد الفعلي الأصول والائتمان DR المسؤولية - إما تعتمد على سياسة الشركة انها على المدى القصير أو المدى الطويل المسؤولية.
وذلك في سؤالك الجواب ينبغي أن يكون المدين الائتمان والخصم حساب المسؤولية.


3- beginning balance equity

mohammad ali mustafa ghaith
by mohammad ali mustafa ghaith , محاسب عام , شركة نهج العراق للتخزين والتجارة العامه

2 - Retained earnings

Rania Nabil Abdul Hamid
by Rania Nabil Abdul Hamid , SENIOR CREDIT OPERATION , National Bank of Kuwait

ThTo achieve balance it should add to  long term Laibilities

Accrued expenses are liabilities that build up over time and are due to be paid. Accounts payable, on the other hand, are current liabilities that will be paid in the near future.

georgei assi
by georgei assi , مدير حسابات , المجموعة السورية

 long-term liabilities

Kamruz Zaman
by Kamruz Zaman , Ex General Manager - Finance and Adminstration , Allure Sourcing Ltd

Once we are preparing a trial balance, we  may find that we have an unbalanced trial balance. This means that you have an error somewhere in the accounting process. Finding and correcting that error is where accountants and bookkeepers earn their stripes.

Yajna Sapkota
by Yajna Sapkota , Manager , Cooperatives organization

Suspense account can be added to achieve balance in trial balance

More Questions Like This

Do you need help in adding the right keywords to your CV? Let our CV writing experts help you.