Accounting · Rectification of Errors

A bank is modernizing its ledger system. The bank has three separate ledgers: the General Ledger, the Debtors Ledger, and the Creditors Ledger. During the migration, the following discrepancies were noted: 1. A loan repayment of 20,000 by a customer was credited to the General Ledger under 'Miscellaneous Income' instead of his personal account in the Debtors Ledger. 2. An interest payment of 1,500 on a recurring deposit was debited to the customer's account but was never recorded in the Interest Expense Account in the General Ledger. 3. The purchase of a new asset for the bank's demonstration farm costing 8,00,000 was debited to the Purchases Account instead of the Asset Account. 4. A credit of 5,000 from a supplier for returned goods was posted to the debit side of the Supplier's Account. 5. The total of the Discount Allowed column in the Cash Book was 12,000, but it was posted to the credit of the Discount Account. 6. The branch manager's personal life insurance premium of 10,000 was paid by the bank and debited to Staff Welfare Expense. 7. Finally, a debit balance of 50,000 in a vendor's account was omitted from the Trial Balance. Analyze the impact of these migration errors on the agreement of the Trial Balance.