1."Is trial balance a conclusive proof of the accuracy of the books of accounts". If not what are the errors which remain undetected in spite of its agreement (any three)?
2.Why fixed assets are shown in the books at market price ? Justify your answer.

Hi Megha,

Thumbs up to the answer given by Divyata for the first part of the question.

For the second question, i believe that your question is incorrect. According to the AS-10, all fixed assets should be shown at their acquisition cost (historical cost). I request you to re-check the same and get back to us with the right question.


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ans 1 no trial balance is not a conclusive proof of accuracy it can only be used to know the arthemitical accutacy their are various errors like error of principle,compensating error ,error of complete omission which can not be detected through trial balance
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