Trial Balance Problems and Solutions [Notes with PDF] - Trial Balance Problem & Solution
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5/5/23, 8:49 PM Trial Balance Problems and Solutions [Notes with PDF] - Trial Balance Problem & Solution Menu Trial Balance Problems and Solutions [Notes with PDF] by admin In this article, we will learn in-depth about the trial balance practical problems and their solutions. Trial Balance Explained with an Example | Accounting How To | How to Pass Acco… https://everythingaboutaccounting.info/2020/12/trial-balance-problems-and-solutions.html 1/16 5/5/23, 8:49 PM Trial Balance Problems and Solutions [Notes with PDF] - Trial Balance Problem & Solution Problem-01: From the following Ledger balances of AB International, Prepare a Trial Balance. Balance Amount ($) Balance Amount ($) Purchases 12,000 Carriage 250 Sales 25,000 Commission 350 Discount 1,200 Rent and Rates Salaries 2,500 Building 6,000 Wages 10,000 Machinery 5,000 Cash in Hand Cash at Bank 975 Delivery Van 13,500 Capital 600 4,000 20,000 Repairs & Maintenance 870 Accounts Payable 3,200 Sundry Expenses 350 Accounts Receivable 4,500 Mortgage 14,000 Closing Stock 5,750 Mortgage Interest 250 Opening Stock Traveling Expenses 100 Returns Inward 300 Insurance 150 Reserve for doubtful Debts 800 Notes Payable 2,745 Notes Receivable 2,450 400 You can read out two articles before you go to the solution. It will help you understand and prepare a trial balance quickly. Procedures for preparing a Trial Balance. Factors to be considered in preparing the Trial balance. Solution: AB International https://everythingaboutaccounting.info/2020/12/trial-balance-problems-and-solutions.html 2/16 5/5/23, 8:49 PM Trial Balance Problems and Solutions [Notes with PDF] - Trial Balance Problem & Solution -13% -35% ชอป Sephora Thailan… Sephora.co.th Trial Balance As at……….. SL No Particulars 1 Purchases 2 Sales 3 Discount 1,200 4 Salaries 2,500 5 Wages 10,000 6 Cash in Hand 975 7 Cash at Bank 13,500 8 Repairs & Maintenance 870 9 Sundry Expenses 350 10 Mortgage 11 Mortgage Interest 250 12 Traveling Expenses 100 13 Insurance 150 14 Carriage 250 15 Commission 350 16 Rent and Rates 600 17 Building 6,000 18 Machinery 5,000 19 Delivery Van 4,000 20 Capital 21 Accounts Payable https://everythingaboutaccounting.info/2020/12/trial-balance-problems-and-solutions.html L.F. Debit ($) Credit ($) 12,000 25,000 14,000 20,000 3,200 3/16 5/5/23, 8:49 PM Trial Balance Problems and Solutions [Notes with PDF] - Trial Balance Problem & Solution 22 Accounts Receivable 4,500 23 Opening Stock 2,450 24 Returns Inward 25 Reserve for doubtful debts 26 Notes Payable 27 Notes Receivable 300 800 2,745 400 Total 65,745 65,745 Problem-2: From the following balances extracted from the ledger accounts of Q&S Trading. Prepare a Trial Balance as of 31st September 2020. Balance Opening Stock Purchase Amount ($) Balance 7,000 Office expenses Amount ($) 1,100 18,000 Interest On Investment 650 Clearing Charges 400 Provision for Bad debts 800 Carriage Inwards 800 Interest on Drawings 450 Royalty 8000 Dividend Received 270 Dock Charges 300 Bad Debts Recover 160 Electricity 700 Interest on Saving Certificate 250 Salaries Sales 3000 Accrued on loan interest 35,000 Advance Gas Bill 200 300 Closing Stock 6,500 Bank Overdraft 6,000 Import Duties 1,200 Loan 5,000 Accrued Rent 500 Cash at hand (Opening) Sales Return 350 Sales Ledger Balance https://everythingaboutaccounting.info/2020/12/trial-balance-problems-and-solutions.html 1,200 12,000 4/16 5/5/23, 8:49 PM Trial Balance Problems and Solutions [Notes with PDF] - Trial Balance Problem & Solution Discount on Sales Cash at Bank 250 Pension Fund 3,500 3,575 Income Tax Reserved 1,200 Postage & Telegram 120 Depreciation Fund 2,500 Stationary 265 Advance Wages Discount Allowed 370 Notes Payable 2,500 Stable Expenses 120 Accounts Payable 4,500 Advertisement 900 Accrued Interest on Bank Balance Carriage Outward 600 Preliminary Expenses Commission of Sales Representative 160 Deferred Advertisement 450 Due Telephone Bill 280 Income Tax 300 Interest on Capital 120 Insurance Premium 200 Repairs and Renewal 900 Goodwill 3,500 Depreciation 400 Trademark 4,000 Bank Charges 90 Furniture 2,500 Interest in Bank Overdraft Land Development 500 300 1,250 350 Car 3,000 14,000 Cash at hand (Closing) 600 Solution: Q&S Trading Trial Balance As of 31st September 2020 Sl No Particulars 1 Opening Stock 2 Purchase 3 Clearing Charges 400 4 Carriage Inwards 800 5 Royalty 6 Dock Charges https://everythingaboutaccounting.info/2020/12/trial-balance-problems-and-solutions.html L.F. Debit ($) Credit ($) 7,000 18,000 8,000 300 5/16 5/5/23, 8:49 PM Trial Balance Problems and Solutions [Notes with PDF] - Trial Balance Problem & Solution 7 Electricity 8 Salaries 9 Sales 10 Import Duties 11 Accrued Rent 12 Sales Return 350 13 Discount on Sales 250 14 Cash at Bank 15 Postage & Telegram 120 16 Stationary 265 17 Discount Allowed 370 18 Stable Expenses 120 19 Advertisement 900 20 Carriage Outward 600 21 Commission of Sales Representative 160 22 Due Telephone Bill 23 Interest on Capital 120 24 Repairs and Renewal 900 25 Depreciation 400 26 Bank Charges 90 27 Interest on Bank Overdraft 28 Land Development 29 Office Expenses 30 Interest On Investment 31 Provision for Bad debts 800 32 Interest on Drawings 450 33 Dividend Received 270 34 Bad Debts Recover 160 35 Interest on Saving Certificate 250 36 Accrued on Loan Interest 200 37 Advance Gas Bill 300 https://everythingaboutaccounting.info/2020/12/trial-balance-problems-and-solutions.html 700 3,000 35,000 1,200 500 3,575 280 350 14,000 1,100 650 6/16 5/5/23, 8:49 PM Trial Balance Problems and Solutions [Notes with PDF] - Trial Balance Problem & Solution 38 Bank Overdraft 39 Loan 40 Sales Ledger Balance 41 Pension Fund 3,500 42 Income Tax Reserved 1,200 43 Depreciation Fund 2,500 44 Advance Wages 45 Notes Payable 2,500 46 Accounts Payable 8,500 47 Accrued Interest on Bank Balance 48 Preliminary Expenses 49 Deferred Advertisement 450 50 Income Tax 300 51 Insurance Premium 200 52 Goodwill 3,500 53 Trademark 4,000 54 Furniture 2,500 55 Car 3,000 56 Cash at Hand (Closing) 57 Suspense A/C * Total 8,000 28,000 12,000 500 300 1,250 600 310 92,520 92,520 Note: Suspense A/C= Difference Between Debit and Credit Columns =( 92,520-92,210)=310 Opening Cash at Hand and Closing Stock will not be included in Trial Balance. https://everythingaboutaccounting.info/2020/12/trial-balance-problems-and-solutions.html 7/16 5/5/23, 8:49 PM Trial Balance Problems and Solutions [Notes with PDF] - Trial Balance Problem & Solution Problem-3: From the following balances taken from the books of Purple International. Prepare a Trial Balance as of 30 June 2020 Balance Amount ($) Balance Amount ($) Discount on Sales 200 Dividend Received 550 Apprenticeship Allowance 300 Interest on Bank Overdraft 200 Discount On Purchase 150 Interest on Saving Certificate 600 Opening Stationery 450 Capital Opening Stock 3,000 Repairs and Renewal 18,000 650 Purchase 18,000 Accrued Salaries/Wages 600 Adjusted Purchase 15,000 Accrued on loan Interest 200 Carriage Inwards 500 Advance Rent Excise Duties 400 Bank Overdraft 2,000 Dock Charges 500 Preliminary Expenses 2,000 Fuel & Power 600 Purchase Ledger Balance 8,000 Factory Supervisors Salaries Sales Postage & Telegram Closing Stock Opening Cash at hand Opening Cash at Bank Purchase Return Provision for Bad debts Sales Return Advertisement 4,000 Sales Ledger Balance 40,000 General Reserve 250 Motor Car 6,000 Sales Tax 600 Sinking Fund 1,200 Income Tax 200 Notes Payable 1,300 Deferred Advertisement 300 Advance Salary 1,200 Accrued Interest on Bank Balance https://everythingaboutaccounting.info/2020/12/trial-balance-problems-and-solutions.html 400 22,000 4,000 4,000 400 2,000 300 1,200 400 500 800 8/16 5/5/23, 8:49 PM Trial Balance Problems and Solutions [Notes with PDF] - Trial Balance Problem & Solution Loan 6,000 Savings Certificate 3,000 Export Duty 300 Pension Fund 4,000 Carriage Outward 700 Copyright 1,500 Bad Debts Recover 300 Goodwill 2,000 Discount Allowed 350 Trademark 2,500 Stock Destroyed By fire Interest on Capital Depreciation Fund 1,200 Building 10,000 250 Land 15,000 4,000 Income Tax Reserved 3,000 Depreciation 700 Life Insurance Premium Bank Charges 100 Leasehold Property 6,000 5,000 Furniture and Fittings 1,500 Profit from Consignment 200 Commercial Expenses 800 Govt. Securities 3,000 Other Indirect Expenses 200 Closing Stationery 800 Interest On Investment 700 Closing Cash at Hand 700 Bad Debts 300 Closing Cash at Bank 1,500 Interest on Drawings 150 Solution: Purple International Trial Balance As of 30 June 2020 Sl No Particulars 1 Discount on Sales 200 2 Apprenticeship Allowance 300 3 Discount On Purchase 4 Opening Stationery 450 5 Adjusted Purchase 15,000 6 Carriage Inwards 500 7 Excise Duties 400 8 Dock Charges 500 https://everythingaboutaccounting.info/2020/12/trial-balance-problems-and-solutions.html L.F. Debit ($) Credit ($) 150 9/16 5/5/23, 8:49 PM Trial Balance Problems and Solutions [Notes with PDF] - Trial Balance Problem & Solution 9 Fuel & Power 10 Factory Supervisors Salaries 11 Sales 12 Postage & Telegram 13 Closing Stock* 14 Purchase Return 15 Provision for Bad Debts 16 Sales Return 17 Advertisement 18 Loan 19 Export Duty 300 20 Carriage Outward 700 21 Bad Debts Recover 22 Discount Allowed 23 Stock Destroyed By fire 24 Interest on Capital 25 Depreciation Fund 26 Depreciation 700 27 Bank Charges 100 28 Profit from Consignment 29 Commercial Expenses 800 30 Other Indirect Expenses 200 31 Interest On Investment 32 Bad Debts 33 Interest on Drawings 150 34 Dividend Received 550 35 Interest on Bank Overdraft 36 Interest on Saving Certificate 37 Capital 38 Repairs and Renewal 39 Accrued Salaries/Wages https://everythingaboutaccounting.info/2020/12/trial-balance-problems-and-solutions.html 600 4,000 40,000 250 6,000 200 1,300 300 1,200 6,000 300 350 1,200 250 4,000 5,000 700 300 200 600 18,000 650 600 10/16 5/5/23, 8:49 PM Trial Balance Problems and Solutions [Notes with PDF] - Trial Balance Problem & Solution 40 Accrued on Loan Interest 41 Advance Rent 42 Bank Overdraft 43 Preliminary Expenses 44 Purchase Ledger Balance 45 Sales Ledger Balance 46 General Reserve 47 Motor Car 48 Sales Tax 49 Sinking Fund 50 Income Tax 51 Notes Payable 52 Deferred Advertisement 400 53 Advance Salary 500 54 Accrued Interest on Bank Balance 800 55 Savings Certificate 56 Pension Fund 57 Copyright 1,500 58 Goodwill 2,000 59 Trademark 2,500 60 Building 10,000 61 Land 15,000 62 Income Tax Reserved 63 Life Insurance Premium 64 Leasehold Property 6,000 65 Furniture and Fittings 1,500 66 Govt. Securities 3,000 67 Closing Cash at Hand 700 68 Closing Cash at Bank 1,500 Total https://everythingaboutaccounting.info/2020/12/trial-balance-problems-and-solutions.html 200 400 2,000 2,000 8,000 22,000 4,000 4,000 400 2,000 300 1,200 3,000 4,000 3,000 200 1,07,950 1,07,950 11/16 5/5/23, 8:49 PM Trial Balance Problems and Solutions [Notes with PDF] - Trial Balance Problem & Solution Note: Opening Stock and Purchase will not be shown in Trial Balance as both are included in the Adjusted Purchase. Closing stock will be shown in the trial balance as there is an adjusted purchase Opening Stationery, opening cash at hand and opening cash at the bank will not be included in the trial balance. You can also read: What is Trial Balance? Features, Importance, and Method of Trial Balance 25 Short Questions and Answers-Trial Balance Relation among Bookkeeping, Accounting, and Accountancy [Notes with PDF] Single Column Cash Book: Definition, Format, and Features [Notes with PDF] 1 thought on “Trial Balance Problems and Solutions [Notes with PDF]” AGISSER CHIPOKA July 19, 2022 at 9:28 am https://everythingaboutaccounting.info/2020/12/trial-balance-problems-and-solutions.html 12/16 5/5/23, 8:49 PM Trial Balance Problems and Solutions [Notes with PDF] - Trial Balance Problem & Solution Thanks so much am willing to know more about trial balance and balance sheet. Thank you once again Reply Sponsored Content Recommended by If you own a mouse, you have to play this game. No Install. Play for free. 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