i have a difference in opening balance of trial balance as on today? how to correct?

by admin on December 3, 2011

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i have joined in a company as accountant. from april 11 onwards there is a difference in opening balance on the debit side of the trial balance in tally. how to rectify



+Admin


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{ 4 Answers… read them below or add one }

Godspeed December 3, 2011 at 10:20 am

There is no easy way to find an error in a trial balance without look at each entry and finding which one is out of balance. There are two tricks though. First, take the difference and divide it by 9, if it comes out without decimals then it may be a transpostional error. For example, if you recorded 69 when it should have been 96 then the difference is 27 and if you divide it by 9 you get 3. The second, is divide the difference by two and search for that number because you may have recorded a debit instead of a credit.

Godspeed

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Anonymous December 4, 2011 at 9:07 am

your just verify the exact amounts carefully and the difference amount can be put it in Suspense Account, later you can modify after this financial year

Reply

Anonymous December 5, 2011 at 3:57 am

Sure you did…..

Homework, right?

Reply

punarvasu December 5, 2011 at 3:28 pm

opening balances are taken from the last year balance sheet. O.K
Take the last year balance sheet and verify whether all the balances are incorporated correctly or not.

Reply

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