Adjusted Trial Balance Example
An inexperienced book-keeper has drawn up an Incorrect and Unadjusted Trial Balance, You are required to Correct Trial Balance, Pass Adjusting Entries and then prepare Adjusted Trial Balance.
- Rent received includes a deposit of Rs. 1,000 refundable to shop-keeper when the premises are vacated (Credit Unearned rent).
- Out Standing Salary of manager on December 31, 2015 is Rs. 1,500.
- Inventory in the shop on December 31, is Rs. 60,000.
- Insurance Expense for the period July 1, 2015 to June 30, 2016.
Solution 1: Corrected Trial Balance
Solution 2: Adjusted Entries
Solution 3: Adjusted Trial Balance
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