Following are the common errors in accounting:

• Errors of OMISSION
• Errors of Commission
• Errors of Principle
• Compensating Error

To locate the errors in the trial balance follow the below steps:

• Check the total of all the SUBSIDIARY BOOKS, cash book and trial balance.
• Ensure that all the opening balances have been correctly brought forward in the current year’s books of account.
• Ensure that all the ledger accounts have been properly balanced and the balances of all the ledger accounts have been reflected in the Trial Balance.
• The difference in trial balance should be halved to locate such errors.
• If the difference in the trial balance is divisible by 9 without any REMINDER, it may INDICATE the transposition or transplacement of the amounts.
• The trial balance of the current year can be compared with the trial balance of the previous year to locate certain highlighting error.

Following are the common errors in accounting:

To locate the errors in the trial balance follow the below steps: