@deepika. Based on my understanding, the primary assertion for payables is completeness because entities are more likely to understate this balance. As a result, we would look at disbursements made subsequent to year end and match these with the invoice and receiving reports to ascertain whether or not these disbursements are in relation to goods that were purchased as at year end, hence the company should have had this as a payable to that supplier.
Completeness= vouch from source document to the recording in the general ledger (checking to see if it is recorded in the GL
Existence is basically checking that the transaction occurred during the company's financial year. An example of a transaction cycle with this assertion is revenue and receivables as an entity would more likely overstate this balance. They would record an invoice in the General ledger as a receivable, we would now ascertain that this transaction actually occurred by checking the supporting shipping documents (to ensure that the goods were actually shipped as at year end). Therefore, you are verifying that the transaction existed.
Existence= trace from General ledger to the supporting document(ensure actually shipment).
HOPE THIS IS HELPFULL
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