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Financial Accounting for Managers

Trial Balance, P&L Account and Balance Sheet

By Anil Kshatriya
8 July 2015 [IMT Nagpur]
Practice Prepare Trial Balance
Opening Stock 5,000
Capital 89,500
Bills Receivable 22,500
Commission (Cr.) 2,000
Purchases 1,95,000
Return Outward 2,500
Wages 14,000
Trade Expenses 1,000
Insurance 5,500
Office Fixtures 5,000
Sundry Debtors 1,50,000
Cash in Hand 2,500
Carriage Inward 4,000
Cash at Bank 23,750
Commission (Dr.) 4,000
Rent & Rates 5,500
Interest on Capital 3,500
Carriage Outward 7,250
Stationery 2,250
Sales 2,50,000
Return Inward 6,500
Bills Payable 15,000
Creditors 98,250
Closing Stock 12,500
Practice Set II

One of your clients, Mr. Singhania has asked you to finalise his
accounts for the year ended 31st March, 2011. Till date, he
himself has recorded the transactions in books of accounts. As
a basis for audit, Mr. Singhania furnished you with the
following statement.
Mr. Singhania claims that he has recorded every transaction
correctly as the trial balance is tallied.
Check the accuracy of the trial balance and prepare a new
one.
Dr. Balance (`) Cr. Balance (`)
Singhanias Capital 1,556
Singhanias Drawings 564
Leasehold premises 750
Sales 2,750
Due from customers 530
Purchases 1,259
Purchases return 264
Loan from bank 256
Trade payables 528
Trade expenses 700
Cash at bank 226
Bills payable 100
Salaries and wages 600
Inventories (1.4.2010) 264
Rent and rates 463
Sales return 98
Corrected Trial Balance of Mr. Singhania
as on 31st March, 2011
Particulars Dr. Cr.
Amount Amount
Singhanias Capital 1,556
Singhanias Drawings 564
Leasehold premises 750
Sales 2,750
Due from customers 530
Purchases 1,259
Purchases returns 264
Loan from Bank 256
Creditor/Suppliers 528
Trade expenses 700
Cash at Bank 226
Bills payable 100
Salaries and Wages 600
Inventory (1.4.2010) 264
Rent and rates 463
Sales return 98
Totals 5,454 5,454
Justifications

Due from customers is an asset, so its balance will be a debit


balance.
Purchases return account always shows a credit balance because
assets go out.
Creditor is a liability, so its balance will be a credit balance.
Bills payable is a liability, so its balance will be a credit balance.
Inventory (opening) represents assets, so it will have a debit
balance.
Sales return account always shows a debit balance because assets
come in.

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