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Page No 219:
Question 1.A1:
Answer in only one sentence :
What is a Trial Balance?
Answer:
A Trial Balance is a statement showing a summary of debit and credit balances of all the Ledger Accounts. It is prepared to check the accuracy of the transactions posted. All the accounts showing debit balances are recorded in the debit column and the accounts showing credit balances are recorded in the credit column. The total of the debit column matches the total of the credit column in order to ascertain the arithmetical accuracy of each ledger account.
Page No 219:
Question 1.A2:
Answer in only one sentence :
Why is Trial Balance prepared?
Answer:
A Trial Balance is a statement that shows the summary of debit and credit balances of all ledger accounts. A Trial Balance fulfils the following objectives:
a. It checks the arithmetical accuracy of each ledger account.
b. It provides a summary of each ledger account.
c. If the trial balance doesn’t tally, it shows the existence of errors that occurred at the time of recording or posting of transactions.
d. It helps in the preparation of financial statements i.e. Trading and Profit and Loss Account.
Page No 219:
Question 1.A3:
Answer in only one sentence :
Mention the steps involved in preparation of Trial Balance.
Answer:
The following are the steps that are involved in the preparation of a Trial Balance.
Step-1:
List down all the name of the ledger accounts with their respective balances in the ‘Particulars’ column.
Step-2:
If any account has a debit balance, then the amount is shown in the ‘Debit’ column. Similarly, if any account has a credit balance, then the amount is shown in the 'Credit' column.
Step-3:
While following the Step-2, it should be noted that if in case any account does not have any balance, then it should be ignored and will not be shown in the Trial Balance.
Step-4:
After this, we need to focus on the second column which records the Ledger Folio number. In this column, the L.F. numbers of the accounts are recorded.
Step-5:
Lastly, all the debit balances are totaled and the sum amount is recorded in the last row that shows the total amount. In the similar manner, all the credit balances are totaled and shown. The total of debit balances should match with that of the credit balances. This equality ensures the arithmetical accuracy.
Step-6:
It should be noted, if due to some reason, the aforementioned equality is not attained, then all the steps from 1 to 5 should be rechecked. However, if still the difference persists, then for the time being the difference amount is transferred to the Suspense A/c to avoid any delays in preparing the financial statements.
Page No 219:
Question 1.A4:
Answer in only one sentence :
What are the main types of Trial Balance?
Answer:
Trial Balance can be of the following two types:
(1) Gross Trial Balance: Gross Trial Balance shows the total amount of the debit side of each ledger in the debit column and the total amount of the credit side in the credit column of the Trial Balance. This Trial Balance can be prepared immediately after posting all the Journal entries.
(2) Net Trial Balance: Net Trial Balance shows the debit and credit balances of ledger accounts in their respective columns. This Trial Balance is prepared only after all the ledger accounts are balanced.
Page No 219:
Question 1.A5:
Answer in only one sentence :
What balance does Purchase Return A/c show?
Answer:
A Purchases Return A/c shows the credit balance. Purchases Return represents the amount of goods returned to the supplier. When goods are bought from a supplier, the Purchases A/c will be debited and when the goods are returned, the Purchases Return A/c will be credited, as stock is reduced. Thus, Purchases Return A/c shows the credit balance.
Page No 219:
Question 1.A6:
Answer in only one sentence :
What balance does Capital Account show?
Answer:
A Capital Account shows credit balance. It represents the amount owed by a business to the owner of the business. Thus, it is a liability for the business. All the liabilities represent the credit balance. Hence, Capital A/c represents the credit balance.
Page No 219:
Question 1.A7:
Answer in only one sentence :
Which types of the accounts always have debit balance?
Answer:
The accounts that always have debit balance are:
(1) All the asset accounts such as Cash A/c, Bank A/c, Debtors A/c, Stock A/c, Furniture A/c etc.
(2) Drawings A/c, Purchases A/c and Sales Return A/c
(3) All expenses and losses of a business
Page No 219:
Question 1.A8:
Answer in only one sentence :
On which date is a Trial Balance prepared?
Answer:
A Trial Balance can be prepared at any date which may be monthly, quarterly, half-yearly or yearly. Usually, it is prepared at the end of the accounting period to ascertain the arithmetical accuracy of the posting of all ledger accounts. It is always prepared on a particular date and not for a particular period.
Page No 219:
Question 1.B:
Give one word, term or phrase for the following statement:
1) A List of Debit Balances and Credit balances in the ledger.
2) A Statement prepared to provide the base for preparing the final accounts.
3) A statement is prepared without balancing the ledger account.
4) Mention the side where goodwill A/c is appeared in the Trial Balance.
5) A List of both Ledger balances which is prepared after the closing of ledger Accounts.
Answer:
(1) A List of Debit Balances and Credit balances in the ledger- Trial Balance.
A Trial Balance is a statement showing the summary of debit and credit balances of all the ledger accounts. It contains the list of all ledger accounts and their corresponding balances, i.e. debit or credit. It is prepared when the posting and balancing of all ledger accounts are completed.
(2) A Statement prepared to provide the base for preparing the final accounts- Trial Balance
A Trial Balance is a statement that shows the summary of all ledger accounts and serves as a basis for the preparation of final accounts i.e. Trading and Profit & Loss Account and Balance Sheet. The final accounts are prepared from the balances shown in the Trial Balance.
(3) A statement is prepared without balancing the ledger account- Gross Trial Balance
Gross Trial Balance is prepared without balancing the ledger accounts. It records the total amount of debit side of each ledger account in the debit column and total amount of credit side in the credit column of the Trial Balance.
(4) Mention the side where goodwill A/c is appeared in the Trial Balance- Debit column of Trial Balance
Goodwill is an asset for a business and all the asset accounts show debit balances. Thus, Goodwill A/c also shows the debit balance and it is recorded in the debit column of the Trial Balance.
(5) A List of both Ledger balances which is prepared after the closing of Ledger Accounts- Net Trial Balance
When a statement is prepared with ledger balances after closing all the Ledger Accounts, it is known as the Net Trial Balance. The Net Trial Balance is prepared from the balances of all ledger accounts, i.e. debit balance is recorded in the debit column and credit balance is recorded in the credit column of the Trial Balance.
Page No 219:
Question 1.C1:
Fill in the blanks with correct alternative and rewrite the statements :
A Trial Balance is a List of _______ accounts.
a) Personal
b) Real
c) Nominal
d) Ledger
Answer:
A Trial Balance is a List of
Ledgeraccounts.
Explanation:
A Trial Balance is a summary of balances of all the ledger accounts, i.e. Personal, Real and Nominal. It includes the list of all ledger accounts. Balances of all the ledger accounts are taken into account while preparing the Trial Balance.
Page No 219:
Question 1.C2:
Fill in the blanks with correct alternative and rewrite the statements :
The Trial Balance shows only _______ accuracy.
a) arithmetical
b) accounting
c) historical
d) financial
Answer:
The Trial Balance shows only
arithmeticalaccuracy.
Explanation:A Trial Balance is prepared with the balances of all the ledger accounts. When both the columns are totaled, they should match in order to ensure the arithmetical accuracy of the transactions entered. Recording of transactions is based on the dual-aspect concept, which states that for every debit, there must be a corresponding credit. Thus, a Trial Balance shows only arithmetical accuracy and not accounting accuracy.
A tallied Trial Balance will only show the arithmetical accuracy and not the accounting accuracy, as there are some errors, such as complete omission and error of principle, which will not affect the agreement of the Trial Balance.
Page No 219:
Question 1.C3:
Fill in the blanks with correct alternative and rewrite the statements :
A Trial Balance is a _______.
a) ledger
b) journal
c) subsidiary
d) statement
Answer:
A Trial Balance is a
statement.
Explanation:A Trial Balance is a statement of balances of all the ledger accounts. It is neither a Ledger nor a Journal. It is a statement because it shows the summary of debit and credit balances of ledger accounts. Names of all the ledger accounts are shown in the Trial Balance with their corresponding balances, i.e. debit or credit.
Page No 219:
Question 1.C4:
Fill in the blanks with correct alternative and rewrite the statements :
A Trial Balance provides the base for preparation of ________.
a) final accounts
b) voucher
c) debit note
d) credit note
Answer:
Trial balance provides the base for preparation of final accounts.
Explanation:A Trial Balance provides the basis for the preparation of final accounts, i.e. Trading and Profit & Loss Account and Balance Sheet. It records the balances of all ledger accounts. The final accounts are prepared from the balances shown in the Trial Balance. Thus, Trial Balance provides the base for preparation of final accounts.
Page No 219:
Question 1.C5:
Fill in the blanks with correct alternative and rewrite the statements :
Total of all debit balances must be ________ to the total of all credit balances.
a) different
b) equal
c) more
d) less
Answer:
Total of all debit balances must be
equalto the total of all credit balances.
Explanation:Under the double entry system of accounting, every transaction has dual aspects i.e. debit and credit. Thus, the total of debit balances must be equal to the total of credit balances of the Trial Balance to ensure the arithmetical accuracy of accounts.
Page No 219:
Question 1.C6:
Fill in the blanks with correct alternative and rewrite the statements :
Sales account always shows ________ balance.
a) debit
b) credit
c) adverse
d) specific
Answer:
Sales account always shows
creditbalance.
Explanation:Sales Account reflects the amount of revenue earned by the sale of goods/services of a business. Thus, it is an income for the business and according to the rule of accounting, all incomes are to be credited and all expenses are to be debited. Thus, a Sales Account always shows credit balance.
Page No 219:
Question 1.C7:
Fill in the blanks with correct alternative and rewrite the statements :
A Trial Balance is generally prepared at the end of each _______.
a) month
b) half year
c) financial year
d) specific
Answer:
A Trial Balance is generally prepared at the end of each
financial year.
Explanation:A Trial Balance may be prepared at the end of every month, quarter, half –yearly or yearly. But generally, it is prepared at the end of each financial or accounting year in order to ascertain the arithmetical accuracy of all ledger accounts. A Trial Balance acts as a basis for the preparation of final accounts.
Page No 219:
Question 1.C8:
Fill in the blanks with correct alternative and rewrite the statements :
Drawings account appears in ________ column of the trial balance.
a) L.F
b) debit balance
c) credit balance
d) none of these
Answer:
Drawings account appears in
debit balancecolumn of the Trial Balance.
Explanation:Drawings Account is a personal account. The accounts that are related to individuals, firms or institutions are termed as personal accounts. When the amount or goods are withdrawn from a business for the proprietor’s personal use, then the Drawings Account is debited. Hence, the Drawings Account shows debit balance and is shown in the debit column of the Trial Balance.
Page No 219:
Question 1.C9:
Fill in the blanks with correct alternative and rewrite the statements :
Income Tax appears in trial balance ________ column.
a) debit balance
b) credit balance
c) L.F.
d) Income
Answer:
Income Tax appears in Trial Balance
debit balancecolumn.
Explanation:Income tax is an expense of a business and all the expenses are required to be debited, following the golden rule of accounting. As income tax is an expense, so it appears in the debit column of the Trial Balance.
Page No 219:
Question 1.C10:
Fill in the blanks with correct alternative and rewrite the statements :
________ accounts usually show a debit balance.
a) Personal
b) Real
c) Nominal
d) Income
Answer:
Realaccounts usually show a debit balance.
Explanation:Real Accounts include all the assets of a business whose value can be measured in monetary terms. The rule for recording a transaction in a real account is “Debit what comes in, Credit what goes out”. All the assets show a debit balance and, thus, a real account also depicts the debit balance.
Page No 220:
Question 1.D:
State true or false:
1) A Trial balance is an account.
2) A Trial balance is helpful for preparation of final accounts.
3) A Trial balance is most important document.
4) A Trial balance may be prepared on any date.
5) In Trial balance opening stock is recorded in credit balance column.
6) Both sides total of an account are taken in Gross Trial Balance.
7) Purchase account always shows debit balance.
8) A Trial balance is a List of Ledger balances.
9) A Trial balance does not ensure accounting accuracy.
10) A Trial balance shows only arithmetical accuracy.
Answer:
(1) False
A Trial Balance is not an account. It is a statement that is prepared at the end of the accounting year from the balances of all ledger accounts to check the arithmetical accuracy of the transactions entered. It is the summary of the balances of all the ledger accounts.
(2) True
A Trial Balance is a summary of balances of all ledger accounts. Usually, it is prepared at the end of the accounting year from the balances of all the ledger accounts. Financial statements are prepared from the balances of the ledger accounts. Thus, a Trial Balance acts as a basis for the preparation of final accounts.
(3) False
A Trial Balance is not a document but a statement prepared from the balances of all ledger accounts. It is prepared to check the arithmetical accuracy of all the ledger accounts. It shows the summary of balances of all the ledger accounts.
(4) True
A Trial Balance may be prepared at the end of every month, every quarter, half-yearly or yearly. But generally, it is prepared at the end of the accounting year to check the arithmetical accuracy of all the ledger accounts and it also acts as a base for the preparation of final accounts.
(5) False
Opening stock is the current asset of a business and all the assets show the debit balance. Opening stock shows the amount of stock owned by a business at a particular point of time. Therefore, it shows the debit balance and should be recorded in the debit balance column.
(6) True
Gross Trial Balance records the total of the debit and credit side. Totals of the debit side and credit side of each ledger account are entered in the debit balances and credit balances columns, respectively, under Gross Trial Balance. Thus, it can be prepared immediately after posting all the entries in the relevant ledger account.
(7) True
Purchases Account is a part of Trading A/c and shows the amount of goods purchased for a business by a trader for resale. Hence, Purchases A/c always shows debit balance.
(8) True
A Trial Balance is a list of all the ledger balances, i.e. it includes the debit and credit balances of all the accounts. It is a statement that shows the summary of balances of all ledger accounts in order to ascertain the arithmetical accuracy of the transactions entered into. It includes the list of all ledger accounts and the respective balances of each ledger account.
(9) True
A Trial Balance ensures only arithmetical accuracy and not accounting accuracy. A tallied Trial Balance is not a conclusive proof that it is an error free statement because there are a number of errors which still remain in the books of accounts such as errors of omission, errors of commission, compensating errors, errors of principle etc. These are two-sided errors that will not affect the agreement of the Trial Balance.
(10) True
A tallied Trial Balance ensures only arithmetical accuracy of the transactions entered into and not their accounting accuracy. A tallied Trial Balance only ensures that for every debit, there is a corresponding credit. However, it may be possible that the wrong account is debited at the time of recording or posting the transactions or that a transaction is not recorded. Thus, a Trial Balance only ensures arithmetical accuracy.
Page No 220:
Question 1:
From the Following Ledger balances Prepare a Trial Balance as on 31st March, 2012 of Mr. Udaysingh.
Particulars | Rs | Particulars | Rs | Particulars | Rs |
Goodwill | 40,000 | Plant & Machinery | 60,000 | Patents | 20,000 |
Salary | 7,000 | General expenses | 2,200 | Rent | 9,000 |
Carriage | 5,500 | Trade expenses | 3,000 | Furniture | 20,000 |
Advertisem*nt | 4,800 | Opening stock | 27,000 | Printing & Stationery | 10,200 |
Electricity charges | 1,650 | Sundry Debtors | 31,500 | Discount (Dr.) | 2,300 |
Purchases | 78,500 | Sundry Creditors | 66,000 | Discount (Cr.) | 3,650 |
Sales | 1,52,500 | Land & Building | 70,000 | Cash in hand | 4,500 |
Capital | 1,40,000 | Bank overdraft | 35,000 |
Answer:
In the books of Mr. Udaysingh | |||
Trial Balance as on March 31,2012 | |||
S. No. | Name of Account | Debit Amount (Rs) | Credit Amount (Rs) |
1 | Goodwill | 40,000 | – |
2 | Salary | 7,000 | – |
3 | Carriage | 5,500 | – |
4 | Advertisem*nt | 4,800 | – |
5 | Electricity Charges | 1,650 | – |
6 | Purchases | 78,500 | – |
7 | Sales | – | 1,52,500 |
8 | Capital | – | 1,40,000 |
9 | Plant and Machinery | 60,000 | – |
10 | General Expenses | 2,200 | – |
11 | Trade Expenses | 3,000 | – |
12 | Opening Stock | 27,000 | – |
13 | Sundry Debtors | 31,500 | – |
14 | Sundry Creditors | – | 66,000 |
15 | Land and building | 70,000 | – |
16 | Bank overdraft | – | 35,000 |
17 | Patents | 20,000 | – |
18 | Rent | 9,000 | – |
19 | Furniture | 20,000 | – |
20 | Printing and Stationery | 10,200 | – |
21 | Discount (Dr.) | 2,300 | – |
22 | Discount (Cr.) | – | 3,650 |
23 | Cash in Hand | 4,500 | – |
3,97,150 | 3,97,150 | ||
Page No 220:
Question 2:
From the following ledger balances of Mr. Jaydeep you are required to prepare Trial Balance as on 31st March, 2012.
Particulars | Rs | Particulars | Rs | Particulars | Rs |
Capital | 1,00,000 | Purchases | 1,90,000 | Wages | 24,000 |
Drawings | 3,000 | Sales | 3,02,000 | 1,600 | |
Opening Stock | 44,000 | Purchase Return | 2,000 | Discount Received | 200 |
Bills Receivable | 1,800 | Sales return | 6,000 | Postage | 800 |
Salaries | 10,000 | Carriage outward | 1,400 | Cash in hand | 9,800 |
Debtors | 70,400 | Furniture | 24,000 | Machinery | 80,200 |
Creditors | 64,200 | Rent & Taxes | 1,200 | Printing & Stationery | 400 |
Answer:
In the Books of Mr. Jaydeep | |||
Trial Balance as on March 31,2012 | |||
S. No. | Name of Account | Debit Amount (Rs) | Credit Amount (Rs) |
1 | Capital | – | 1,00,000 |
2 | Drawings | 3,000 | – |
3 | Opening Stock | 44,000 | – |
4 | Bills Receivable | 1,800 | – |
5 | Salaries | 10,000 | – |
6 | Debtors | 70,400 | – |
7 | Creditors | – | 64,200 |
8 | Purchases | 1,90,000 | – |
9 | Sales | – | 3,02,000 |
10 | Purchase Return | – | 2,000 |
11 | Sales Return | 6,000 | – |
12 | Carriage outwards | 1,400 | – |
13 | Furniture | 24,000 | – |
14 | Rent and Taxes | 1,200 | – |
15 | Wages | 24,000 | – |
16 | Insurance | 1,600 | – |
17 | Discount Received | – | 200 |
18 | Postage | 800 | – |
19 | Cash in hand | 9,800 | – |
20 | Machinery | 80,200 | – |
21 | Printing and stationery | 400 | – |
4,68,400 | 4,68,400 | ||
Page No 221:
Question 3:
Following balances were extracted from the ledger of Shri Govinda as on 31st March 2012 Prepare a Trial Balance as on 31st March, 2012.
Particulars | Rs | Particulars | Rs | Particulars | Rs |
Stock (1-4-11) | 44,000 | Trade Expense | 4,000 | Furniture | 16,000 |
Purchases | 1,70,000 | Debtors | 72,000 | Advertisem*nt | 8,000 |
Sales | 3,20,000 | Creditors | 40,000 | Office Rent | 10,000 |
Return Inward | 10,000 | Salaries | 38,000 | Drawings | 14,000 |
Carriage | 4,000 | Insurance | 2,400 | Good will | 6,000 |
Motive Power | 6,000 | Postage | 3,600 | Bank Loan | 32,000 |
Wages | 56,000 | Commission (Dr.) | 5,000 | Building | 24,000 |
Plant & Machinery | 60,000 | Commission (Cr.) | 4,000 | Capital | 1,50,000 |
Bills Payable | 10,000 | Cash in hand | 3,000 |
Answer:
In the Books of Shri Govinda | |||
Trial Balance as on March 31,2012 | |||
S. No. | Name of Account | Debit Amount (Rs) | Credit Amount (Rs) |
1 | Stock 01-04-11 | 44,000 | – |
2 | Purchases | 1,70,000 | – |
3 | Sales | – | 3,20,000 |
4 | Return Inward | 10,000 | – |
5 | Carriage | 4,000 | – |
6 | Motive power | 6,000 | – |
7 | Wages | 56,000 | – |
8 | Plant and Machinery | 60,000 | – |
9 | Bills Payable | – | 10,000 |
10 | Trade expenses | 4,000 | – |
11 | Debtors | 72,000 | – |
12 | Creditors | – | 40,000 |
13 | Salaries | 38,000 | – |
14 | Insurance | 2,400 | – |
15 | Postage | 3,600 | – |
16 | Commission Dr | 5,000 | – |
17 | Commission Cr | – | 4,000 |
18 | Cash in Hand | 3,000 | – |
19 | Furniture | 16,000 | – |
20 | Advertisem*nt | 8,000 | – |
21 | Office Rent | 10,000 | – |
22 | Drawings | 14,000 | – |
23 | Goodwill | 6,000 | – |
24 | Bank Loan | – | 32,000 |
25 | Building | 24,000 | – |
26 | Capital | – | 1,50,000 |
5,56,000 | 5,56,000 | ||
Page No 221:
Question 4:
From the following ledger balances Prepare Trial Balances of Mr. Nilesh as on 31st March, 2012.
Particulars | Rs | Particulars | Rs | Particulars | Rs |
Goodwill | 40,000 | Plant & Machinery | 1,60,000 | Patents | 36,000 |
Carriage | 17,200 | General expenses | 2,800 | Electricity & Lighting | 12,000 |
Debtors | 48,000 | Advertisem*nt | 6,000 | Bank Loan | 2,00,000 |
Trade expenses | 1,200 | Furniture | 28,400 | Wages | 56,000 |
Capital | 2,00,000 | Purchases | 1,18,000 | Opening Stock | 41,600 |
Creditors | 82,000 | Land & Building | 2,13,200 | Printing & Stationery | 8,400 |
Sales | 3,00,800 | Commission (Dr.) | 1,600 | Interest Bank loan | 8,000 |
Discount (Dr.) | 1,600 | Cash in hand | 2,000 | Bills Payable | 19,200 |
Answer:
In the Books of Mr. Nilesh | |||
Trial Balance as on March 31,2012 | |||
S. No. | Name of Account | Debit Amount (Rs) | Credit Amount (Rs) |
1 | Goodwill | 40,000 | – |
2 | Carriage | 17,200 | – |
3 | Debtors | 48,000 | – |
4 | Trade Expenses | 1,200 | – |
5 | Capital | – | 2,00,000 |
6 | Creditors | – | 82,000 |
7 | Sales | – | 3,00,800 |
8 | Discount (Dr.) | 1,600 | – |
9 | Plant and Machinery | 1,60,000 | – |
10 | General Expenses | 2,800 | – |
11 | Advertisem*nt | 6,000 | – |
12 | Furniture | 28,400 | – |
13 | Purchases | 1,18,000 | – |
14 | Land and building | 2,13,200 | – |
15 | Commission (Dr.) | 1,600 | – |
16 | Cash in hand | 2,000 | – |
17 | Patent | 36,000 | – |
18 | Electricity and Lightening | 12,000 | – |
19 | Bank Loan | – | 2,00,000 |
20 | Wages | 56,000 | – |
21 | Opening Stock | 41,600 | – |
22 | Printing and Stationery | 8,400 | – |
23 | Interest on Bank Loan | 8,000 | – |
24 | Bills Payable | – | 19,200 |
8,02,000 | 8,02,000 | ||
Page No 221:
Question 5:
From the following ledger balances Prepare Trial Balance of Mr. Ramakant as on 31st March, 2012.
Particulars | Rs | Particulars | Rs | Particulars | Rs |
Machinery | 1,00,000 | Sundry Debtors | 1,20,800 | Furniture | 36,000 |
Stock (1-4-11) | 20,000 | Wages | 1,800 | Salary | 3,200 |
Insurance | 5,000 | Factory Rent | 4,600 | Printing & Stationery | 1,400 |
Travelling expenses | 3,600 | Advertisem*nt | 1,000 | Office Rent | 3,000 |
Purchases | 49,300 | Sales Returns | 2,800 | Discount (Dr.) | 1,500 |
Bad Debts | 1,200 | Drawings | 12,000 | Discount (Cr.) | 2,000 |
Sales | 77,500 | Purchase Returns | 4,800 | Creditors | 52,000 |
Bank Loan | 76,000 | Bills payable | 17,300 | R.D.D. | 1,600 |
Bank Overdraft | 36,000 | Capital | 1,00,000 |
Answer:
In the Books of Mr. Ramakant | |||
Trial Balance as on March 31,2012 | |||
S. No. | Name of Account | Debit Amount (Rs) | Credit Amount (Rs) |
1 | Machinery | 1,00,000 | – |
2 | Stock 01-04-11 | 20,000 | – |
3 | Insurance | 5,000 | – |
4 | Travelling Expenses | 3,600 | – |
5 | Purchases | 49,300 | – |
6 | Bad Debts | 1,200 | – |
7 | Sales | – | 77,500 |
8 | Bank Loan | – | 76,000 |
9 | Bank Overdraft | – | 36,000 |
10 | Sundry Debtors | 1,20,800 | – |
11 | Wages | 1,800 | – |
12 | Factory Rent | 4,600 | – |
13 | Advertisem*nt | 1,000 | – |
14 | Sales Return | 2,800 | – |
15 | Drawings | 12,000 | – |
16 | Purchase Return | – | 4,800 |
17 | Bills Payable | – | 17,300 |
18 | Capital | – | 1,00,000 |
19 | Furniture | 36,000 | – |
20 | Salary | 3,200 | – |
21 | Printing and stationery | 1,400 | – |
22 | Office Rent | 3,000 | – |
23 | Discount (Dr.) | 1,500 | – |
24 | Discount (Cr.) | – | 2,000 |
25 | Creditors | – | 52,000 |
26 | R.D.D. | – | 1,600 |
3,67,200 | 3,67,200 | ||
Page No 222:
Question 6:
From the following ledger balances Prepare Trial Balance of Mr. Vinod as on 31st March, 2012.
Particulars | Rs | Particulars | Rs | Particulars | Rs |
Capital | 1,40,000 | Land & Building | 20,000 | Insurance | 5,000 |
Wages | 8,500 | Carriage outward | 500 | Bad Debts | 2,000 |
Salary | 4,000 | Drawings | 7,000 | Plant & Machinery | 25,000 |
Commission (Dr.) | 1,500 | Commission (Cr.) | 850 | Mobile Charges | 2,800 |
Purchases | 30,000 | Sales | 84,500 | Opening Stock | 15,500 |
Sales Return | 2,500 | Purchase Return | 2,150 | Interest (Cr.) | 3,000 |
Printing and | R.D.D. | 2,500 | Rent, Rates & Taxes | 1,000 | |
Stationery | 1,950 | Advertisem*nt | 3,500 | Debtors | 46,000 |
Furniture | 60,000 | Cash in Bank | 4,250 | Creditors | 28,000 |
Investment | 18,000 | Bank loan | 25,000 | Postage & Telegram | 2,000 |
Answer:
In the Books of Mr. Vinod | |||
Trial Balance as on March 31,2012 | |||
S. No. | Name of Account | Debit Amount (Rs) | Credit Amount (Rs) |
1 | Capital | – | 1,40,000 |
2 | Wages | 8,500 | – |
3 | Salary | 4,000 | – |
4 | Commission Dr | 1,500 | – |
5 | Purchases | 30,000 | – |
6 | Sales Return | 2,500 | – |
7 | Printing and Stationery | 1,950 | – |
8 | Furniture | 60,000 | – |
9 | Investment | 18,000 | – |
10 | Land and Building | 20,000 | – |
11 | Carriage Outward | 500 | – |
12 | Drawings | 7,000 | – |
13 | Commission Cr | – | 850 |
14 | Sales | – | 84,500 |
15 | Purchase Return | – | 2,150 |
16 | R.D.D | – | 2,500 |
17 | Advertisem*nt | 3,500 | – |
18 | Cash in bank | 4,250 | – |
19 | Bank loan | – | 25,000 |
20 | Insurance | 5,000 | – |
21 | Bad debts | 2,000 | – |
22 | Plant and Machinery | 25,000 | – |
23 | Mobile Charges | 2,800 | – |
24 | Opening Stock | 15,500 | – |
25 | Interest (Cr.) | – | 3,000 |
26 | Rent, Rates and Taxes | 1,000 | – |
27 | Debtors | 46,000 | – |
28 | Creditors | – | 28,000 |
29 | Postage and Telegram | 2,000 | – |
2,61,000 | 2,86,000 | ||
Note: There is an error in the question (as per the book) because of which Trial Balance does not tally.
Page No 222:
Question 7:
Following balances are extracted from the Ledger of Mr. Vijay as on 31st March, 2012 Prepare Trial Balance as on that date.
Particulars | Rs | Particulars | Rs | Particulars | Rs |
Capital | 70,000 | Salaries | 7,000 | Furniture | 6,000 |
Drawings | 17,000 | Rent | 2,400 | Computer | 20,000 |
Purchases | 57,000 | General expenses | 400 | Goodwill | 10,000 |
Carriage | 2,000 | Rates & Taxes | 6,000 | Cash in Bank | 3,000 |
Sales Return | 3,000 | Bad Debts | 1,600 | Cash in hand | 400 |
Sales | 1,12,000 | Interest Received | 400 | Debtors | 42,800 |
Discount Received | 200 | R.D.D. | 3,000 | Bills Receivable | 7,000 |
Creditors | 14,400 | Wages | 14,400 |
Answer:
In the Books of Mr. Vijay | |||
Trial Balance as on March 31,2012 | |||
S. No. | Name of Account | Debit Amount (Rs) | Credit Amount (Rs) |
1 | Capital | – | 70,000 |
2 | Drawings | 17,000 | – |
3 | Purchases | 57,000 | – |
4 | Carriage | 2,000 | – |
5 | Sales Return | 3,000 | – |
6 | Sales | – | 1,12,000 |
7 | Discount Received | – | 200 |
8 | Creditors | – | 14,400 |
9 | Salaries | 7,000 | – |
10 | Rent | 2,400 | – |
11 | General Expense | 400 | – |
12 | Rates and Taxes | 6,000 | – |
13 | Bad Debts | 1,600 | – |
14 | Interest Received | – | 400 |
15 | RDD | – | 3,000 |
16 | Wages | 14,400 | – |
17 | Furniture | 6,000 | – |
18 | Computer | 20,000 | – |
19 | Goodwill | 10,000 | – |
20 | Cash in bank | 3,000 | – |
21 | Cash In Hand | 400 | – |
22 | Debtors | 42,800 | – |
23 | Bills Receivable | 7,000 | – |
2,00,000 | 2,00,000 | ||
Page No 222:
Question 8:
Following balances are extracted from the ledger of Shri. Ram as on 31stMarch, 2012. Prepare Trial Balance as on that date.
Particulars | Rs | Particulars | Rs | Particulars | Rs |
Capital | 4,50,000 | Sales | 3.60,000 | Coal, Gas & Water | 10,000 |
Drawings | 25,000 | Cash in hand | 5,000 | Bills Receivable | 20,000 |
Investment | 10,000 | Opening stock | 40,000 | Bills Payable | 10,000 |
Building | 70,000 | Bad Debts | 1,000 | Trade Expenses | 500 |
Debtors | 20,000 | Carriage Inward | 5,000 | Royalty | 9,000 |
Creditors | 25,000 | Wages | 20,000 | ||
Bank Loan | 15,000 | Plant & Machinery | 3,00,000 | Purchases | 2,35,000 |
Furniture | 60,000 | Sales Return | 7,000 | Salary | 20,000 |
General Insurance | 2,000 | Bank Charges | 500 |
Answer:
In the Books of Shri Ram | |||
Trial Balance as on March 31,2012 | |||
S. No. | Name of Account | Debit Amount (Rs) | Credit Amount (Rs) |
1 | Capital | – | 4,50,000 |
2 | Drawings | 25,000 | – |
3 | Investments | 10,000 | – |
4 | Building | 70,000 | – |
5 | Debtors | 20,000 | – |
6 | Creditors | – | 25,000 |
7 | Bank Loan | – | 15,000 |
8 | Furniture | 60,000 | – |
9 | General Insurance | 2,000 | – |
10 | Sales | – | 3,60,000 |
11 | Cash in Hand | 5,000 | – |
12 | Opening Stock | 40,000 | – |
13 | Bad Debts | 1,000 | – |
14 | Carriage Inward | 5,000 | – |
15 | Wages | 20,000 | – |
16 | Plant and Machinery | 3,00,000 | – |
17 | Sales Return | 7,000 | – |
18 | Bank Charges | 500 | – |
19 | Coal, Gas and Water | 10,000 | – |
20 | Bills Receivable | 20,000 | – |
21 | Bills Payable | – | 10,000 |
22 | Trade expenses | 500 | – |
23 | Royalty | 9,000 | – |
24 | Purchases | 2,35,000 | – |
25 | Salary | 20,000 | – |
8,60,000 | 8,60,000 | ||
Page No 223:
Question 9:
An inexperienced Accountant has prepared the following Trial Balance as you are expert in Accountancy find out errors and redraft the Trial Balance.
Trial Balance as on 30th March, 2002 | |||
Particulars | L.F. | Debit balance | Credit balance |
Opening Stock | 10,000 | ||
Purchases | 40,000 | ||
Sales | 50,000 | ||
Machinery | 50,000 | ||
Goodwill | 50,000 | ||
Wages | 200 | ||
Commission Received | 500 | ||
Sundry Debtors | 40,000 | ||
Sundry Creditors | 20,500 | ||
Bills Payable | 50,000 | ||
Postage & Telegrams | 500 | ||
Interest received | 200 | ||
Capital | 70,000 | ||
Commission allowed | 500 | ||
1,91,200 | 1,91,200 | ||
Answer:
Trial Balance | |||
S. No. | Name of Account | Debit | Credit (Rs) |
1 | Opening Stock | 10,000 | – |
2 | Purchases | 40,000 | – |
3 | Sales | – | 50,000 |
4 | Machinery | 50,000 | – |
5 | Goodwill | 50,000 | – |
6 | Wages | 200 | – |
7 | Commission Received | – | 500 |
8 | Sundry Debtors | 40,000 | – |
9 | Sundry Creditors | – | 20,500 |
10 | Bills Payable | – | 50,000 |
11 | Postage and Telegrams | 500 | – |
12 | Interest Received | – | 200 |
13 | Capital | – | 70,000 |
14 | Commission Allowed | 500 | – |
1,91,200 | 1,91,200 | ||
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