Trial Balance Examples

 

Example # 1:

Make Trial Balance from mixed transactions for Iram Shehzadi Ltd at year-end (June 30th, 2016):

 

 

Iram Shehzadi Ltd

Accounts

As on June 30th, 2016

Description Amount Description Amount Description Amount
Account Payable $ 200 Owner Equity $ 300 Land $ 200
Account Receivables    350 Cost of Goods Sold     820 Long-term Debts  1,300
Accrued Liabilities    150 Dep. Expense     110 Prepaid Expenses       40
Acc. Depreciation    250 Interest Expense       80 Salaries Expense      660
Building  1,400 Unearned Revenue     130 Sales Revenue     2,400
Cash     120 Interest Revenue        50 Rent Expense       400
Income Tax Expense     110 Inventories      610 Retained Earning       120

 

 

Solution: 

 

Iram Shehzadi Ltd

 Trial Balance

As on June 30th, 2016

S.N Description Ref Amount ($)
Dr. Cr.
1 Account Payable 200
 2 Account Receivables 350
 3 Accrued Liabilities 150
 4 Acc. Depreciation 250
 5 Building 1,400
 6 Cash 120
 7 Income Tax Expense 110
 8 Owner Equity 300
 9 Cost of Goods Sold 820
 10 Dep. Expense 110
 11 Interest Expense 80
 12 Unearned Revenue 130
 13 Interest Revenue 50
 14 Inventories 610
 15 Land 200
 16 Long-term Debts 1,300
 17 Prepaid Expenses 40
 18 Salaries Expense 660
 19 Sales Revenue 2,400
 20 Rent Expense 400
 21 Retained Earning 120

 Total

4,900

 4,900

 

 

Example # 2:

Correct following Trial Balance for Hareem Mehdi at end of December, 2017:

 

Hareem Mehdi

 Trial Balance

As on December 31, 2017

S.No Heads of Accounts Ref Amount ($)
Dr Cr
1 Ahmed Owner’s Equity 1,556
2 Ahmed Drawing 564
3 Leasehold Premises 750
4 Sales 2,750
5 Due from Customer 530
6 Purchases 1,259
7 Purchases Return 264
8 Loan from Bank 256
9 Creditors 528
10 Trade Expenses 700
11 Cash 226
12 Bill Payable 100
13 Salaries and Wages 600
14 Stock Opening 264
15 Rent and Rates 463
16 Sales Return 98

 

 Total 

$ 5,454

$ 5,454

 

 

Solution: 

 

Hareem Mehdi

 Trial Balance

As on December 31, 2017

 

S.No Heads of Accounts Ref Amount ($)
Dr Cr
1 Ahmed Owner’s Equity 1,556
2 Ahmed Drawing 564
3 Leasehold Premises 750
4 Sales 2,750
5 Due from Customer 530
6 Purchases 1,259
7 Purchases Return 264
8 Loan from Bank 256
9 Creditors 528
10 Trade Expanses 700
11 Cash 226
12 Bill Payable 100
13 Salaries and Wages 600
14 Stock Opening 264
15 Rent and Rates 463
16 Sales Return 98

Total

$ 5,454

$ 5,454

 

 

Example # 2:

Prepare Trial Balance as on 31.12.2016 from the following balances of Mr. Muhammad Nizakat Khan.

Capital   $ 340,000     Note Receivable $ 5,800      Creditor $ 13,000                Sales Returns $ 3,400

Drawings $ 4,000       Purchases Return $ 2,400     Salaries $ 38,200               Carriage inwards $ 1,400

Purchases $ 94,000     Printing & Stationery $ 5,000      Bills Payable $ 7,000    Stock $ 29,900

Debtors $ 16,000        Machinery $ 50,000       Sales $ 144,000        Wages $ 5,000

Insurance $ 2,200        Rent $ 1,600      Land $ 250,000    Interest received $ 1,700

Electricity $ 2,400               Commission received $ 800

 

Solution: 

 

Muhammad Nizakat Khan

Trial Balance

As on 31st  December, 2016

S. No Heads of Accounts Ref Amount ($)
Dr Cr
1 Capital 340,000
2 Note Receivable 5,800
3 Creditor 13,000
4 Sales Returns 3,400
5 Drawings 4,000
6 Purchases Return 2,400
7 Salaries 38,200
8 Carriage inwards 1,400
9 Purchases 94,000
10 Printing & Stationery 5,000
11 Bills Payable 7,000
12 Stock 29,900
13 Debtors 16,000
14 Machinery 50,000
15 Sales 144,000
16 Wages 5,000
17 Insurance 2,200
18 Rent 1,600
19 Land 250,000
20 Interest received 1,700
21 Electricity 2,400
22 Commission received 800
Total $ 508,900 $ 508,900

 

>>> See definition and description about Trial Balance.