Trial Balance Problems and Solutions
Prepare a Trial Balance for Shining Brothers Pvt. Ltd. at March 31st, 2017?
>> Read Normal Balance for better conceptual understanding of Trial Balance Problems and Solutions.
There are several Mistakes in the Umer & Brothers (Pvt.) Ltd. Trial Balance. You are requested to identify Errors and make corrected Trial Balance?
>> Practice Journal Entry Problems and Solutions for better understanding of Trial Balance Problems and Solutions.
Prepare Trial Balance as on 31.03.2012 from the following balances of Ms. Maliha Afzal:
Drawings Rs. 74,800 Purchases Rs. 295,700 Stock (1.04.2011) Rs. 30,000
Bills receivable Rs. 52,500 Capital Rs. 250,000 Furniture Rs. 33,000
Discount allowed Rs. 950 Sales Rs. 335,350 Rent Rs. 72,500
Freight Rs. 3,500 Printing charges Rs. 1,500 Sundry creditors 75,000
Insurance Rs. 2,700 Sundry expenses Rs. 21,000 Discount received Rs. 1,000
Bank loan Rs. 120,000 Stock (31.03.2012) Rs. 17,000 Income tax Rs. 9,500
Machinery Rs. 215,400 Bills payable Rs. 31,700
>> Read General Ledger.
Prepare Trial Balance from the following balances of Mr. Akhtar as on 31.12.2016:
Capital Rs. 420,000 Cash in hand Rs. 25,000 Building Rs. 115,000
Cash at bank Rs. 84,700 Machinery Rs. 60,000 Sundry Creditors Rs. 68,000
Furniture Rs. 11,000 Rent Rs. 48,000 Car Rs. 68,000
Opening stock Rs. 86,000 Commission Rs. 1,400 Rates and Taxes Rs. 2,600
Purchases Rs. 94,000 Bad debts Rs. 3,200 Sales Rs. 196,000
Insurance Rs. 2,400 General Expenses Rs. 800 Sundry debtors Rs. 16,200
Reserve for doubtful debts Rs. 7,300 Salaries Rs. 94,000 Closing Stock Rs. 12,000
Unearned Revenue Rs. 16,000 Interest received Rs. 5,000
>> Do Practice Trial Balance MCQs.
The following balances are extracted from the books of Ms. Maria Waseem, Prepare Trial Balance as on 30.6.2015:
Owner’s Equity Rs. 470,200 Machinery Rs. 158,800 Cash in hand Rs. 6,000
Account receivable Rs. 48,000 Building Rs. 320,000 Repairs Rs. 5,400
Stock Rs. 33,000 Insurance premium Rs. 3,300 Account payable Rs. 26,000
Sales Rs. 290,000 Commission Rs. 750 Telephone charges Rs. 6,450
Rent & Taxes Rs. 6,300 Furniture Rs. 11,000 Purchases Rs. 165,000
Discount earned Rs. 1,100 Loan from Sidra Rs. 51,000 Salaries Rs. 70,600
Reserve fund Rs. 5,900 Discount allowed Rs. 650 Note receivable Rs. 8,600
Drawings Rs. 5,000 Bad debts Rs. 1,350 Bills payable Rs. 6,000
>> Read Trial Balance theory related issues.
Ramchandran, N., & Kakani, R. K. (2007). Financial Accounting for Management. (2nd, Ed.) New Delhi: Tata McGraw Hill.
Sehgal, A., & Sehgal, D. (n.d.). Advanced Accountancy (Vol. I & II). New Delhi: Taxmann Publication Pvt. Ltd.
Shukla, M. C., Grewal, T. S., & Gupta, S. C. (2008). Advanced Accountancy (Vol. I & II). New Delhi: S Chand & Co.
Weygandt, J. J., Kimmel, P. D., & Kieso, D. E. (2012). Accounting Principles (10th ed.). Hoboken: John Wiley & Sons, Inc.
Williams, M., & Bettner, H. (1999). Accounting (The basic for business decisions). (11th, Ed.) USA: Irwin McGraw- Hill.