*FINANCIAL ACCOUNTING*

(1a)
(i).Some debtors may be unable to pay their debts due to bankruptcy, death, or financial difficulties.
(ii).To apply the principle of prudence, which requires that possible losses should be anticipated.
(iii).To show a true and fair view of profit, since doubtful debts are expenses that must be charged to profit and loss account.

(1b)
(i).Error of addition in the ledger or trial balance.
(ii).Error of casting in any account.
(iii).Error of single entry, where only one account is posted instead of two.
(iv).Posting to the wrong side of an account, e.g. debit instead of credit.
(v).Error in recording figures, such as overstating or understating an amount.
(vi).Omission of posting an amount to one of the ledger accounts.

(1c)
(i).Error of complete omission – transaction not recorded at all.
(ii).Error of commission – posting to the wrong personal account but correct amount and side.
(iii).Error of principle – treating a capital item as revenue or vice versa.

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