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If we miss a entry at journal can we find it in latter
stage or in audit how can be find it
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Answer / baljeet
Trial balance will not get tallied. Its corresponding
Account will not tally.
Like many companies passes JV for cash payments, if I miss
to pass the cash paid antry, cash account will not tally
with Actual physical cash.
It can be tracked.
| Is This Answer Correct ? | 13 Yes | 4 No |
Answer / anil
In case of tangible assets, stock, cash/bank and other
physical available things the missed entry can be find out
by way of reconciliation.
In case of non tangible ex. Commission receivable/payable,
ledger balances etc. the confirmation from third party can
be obtained.
In case of non tangible and non availability of third party
ex. depreciation excel and statistics formula will be
helpful.
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / vijay
basically it is found out only while preparin t a/cs and
somtimes we can pass a rectification entry also
| Is This Answer Correct ? | 5 Yes | 5 No |
Answer / v.sreenivasulu
I CAN'Y SAY EXACTLY, BUT I WILL GIVE AN EXAMPLE:-
JOURNAL : SALARIES PAID.
P&L A/C ..............DR
TO CASH A/C
IF U MISS TO POST THIS TRANSACTION.
BANK/PHYSICAL BALANCE CANNOT BE RECONCILED. OUTSTANDING
SALARIES APPEARED ON LIABILITIES SIDE.
TRIAL BALANCE WILL NEVER EFFECT WHEN WE MISS TO POST
JOURNAL ENTRY.
| Is This Answer Correct ? | 1 Yes | 3 No |
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State with reason which account should be debited and which account should be credited in each of the following transactions: 1. Raj commenced business with cash Rs. 5000 2. Bought goods from Kiran for cash Rs. 1000 3. Sold furniture to Ravi on credit Rs. 500 4. Sold goods for cash Rs. 800 5. cash purchases Rs. 600 6. Bought Stamps Rs. 10 7. Withdrew cash from the business for personal use Rs. 1000 8. Paid salary to manager Rs. 500 9. Paid rent to landlord Rs. 200 10. Received commission from Mani Rs. 50 11. Paid for repairing machinery Rs. 30 12. Received cash form Ravi on account Rs. 400 13. Gave loan to Babu Rs. 500 14. Purchased goods from Sachin Rs. 400 15. Opened a bank account with Rs. 1000 16. Charged Mohan Rs. 50 commission for service rendered to him 17. Santosh paid the interest on loan advanced to him 18. Received loan from Manju Rs.10000 19. Office furniture stolen Rs. 500 20. Paid income tax Rs. 5000 21. Paid life insurance premium Rs. 300 22. Allowed discount to Babu Rs. 90 23. Discount received from Santosh Rs. 150 24. Amount charged by bank as bank charges Rs. 30 25. Railway fright paid on machinery purchased Rs. 100
Audit 
