ECF marks in 7110

[Shahnam]

do we get marks of error carried forward in principles of Accounts.
To be precise i attempted oct/07/p2/q6 where i messed up in purchases and closing stock values. Both these affected the balance sheet and profit and loss and appropriation account. Suprisingly though, my balance sheet balanced as i had added the amount of $1620 in creditors, closing stock and purchases.
Please help ASAP tomorow is the big day!

 

[yousafs c]

i didnt quite get ur question!

 

[Shahnam]

do you know what is error carried forward?

 

[yousafs c]

do you know what is error carried forward?

yes......

 

[Shahnam]

so is it applicable in accounts paper??
and i am talking with reference to the question i mentioned earlier..

 

[yousafs c]

ok gotcha! i think u might lose some marks! 2-3 maybe. even tough ur balance sheet balances off, your value for creditors wud be wrong. u wudnt lose marks for the wrong creditors value, but will lose marks where u used ecf!

 

[Shahnam]

Dude, the value of $1620 was to be included in the purchases and creditors but not closing stock. Where esle, i did include it in closing stock as well..
By the way, i've realised the mistake. The journal entry for credit purchases should have been made in rough. that shows it all. Debit Purchases and Credit Creditor's A/C. it doesn't affect the inventory account.

 

[SAUD ASLAM]

U will just loose marks on the first part that went wrong.On others part ECF will apply