Trial Balance Problems and Solutions

 

Trial Balanced Problems PDF Download



Problem 1:

Prepare a Trial Balance for Shining Brothers Pvt. Ltd. at March 31st, 2017?

trial balance problems and solution

 

Solution:

accounting trial balances

 

>> Read Normal Balance for better conceptual understanding of Trial Balance Problems and Solutions.

 

Problem 2:

There are several Mistakes in the Umer & Brothers (Pvt.) Ltd. Trial Balance. You are requested to identify Errors and make corrected Trial Balance?

trial balance example

 

Trial Balance Format Download

 

Solution:

trial balance accounting

 

>> Practice Journal Entry Problems and Solutions for better understanding of Trial Balance Problems and Solutions.



 

Problem 3:

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

General Ledger Format Download

 

Solution:

trial balance definition

 

>> Read General Ledger.

 

Problem 4:

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

 

Journal Entry Format Download

 

Solution:

accounting trial balance problems and solutions

 

>> Do Practice Trial Balance MCQs.

 

Problem 5:

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

 

Solution:

trial balance report

 

>> Read Trial Balance theory related issues.

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References

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.

 

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