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During the preparation of final accounts, if trial balance is not equal or balanced, then what action or measures you need to take?

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Question added by RASHID MUNIR , Assistant Accountant , EL SEIF ENGINEERING CONTRACTING LTD
Date Posted: 2016/05/19
Deleted user
by Deleted user

There are two types of errors

1. Type 1 errors :The trial balance does not equal on both sides.

these errors can be found out by re calculating and checking the trial balance. There might be difference's in figures or error in debiting or crediting of an account. Or some amount's have been missed. Only way is through evaluation of all the entries and a checklist to ensure you have recorded all accounts.

Visal Joseph
by Visal Joseph , Tax Manager , Al Mizan Tax Consultants L.L.C

I should find that error and correct it

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