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CBSE Class 11-commerce Answered

Given is the trial balance of Mr. Rajat as on 31st December, 2015. State the errors with reasons in the trial balance and prepare the correct trial balance. Particulars L.F. Debit BalanceRs.  Credit BalanceRs.  Opening stock   120,000   Return outwards   13,400   Salary   45,000   Creditors     85,000 Bank   150,000   Carriage inwards   8,000   Electricity charges   14,500   Discount received   6,800   Purchases     94,300 Bills payable   16,500   Debtors   31,400   Carriage outwards   2,500   Capital     200,000 Machinery   45,000   Sales     189,000 Total   453,100 568,300  
Asked by Topperlearning User | 26 Jul, 2016, 12:17: PM
answered-by-expert Expert Answer
  1. [1]Return outwards is purchase returns. Purchase returns account has a credit balance.
  2. Discount received is an income. Income accounts have credit balance.
  3. Purchase is an expense. Expense account has a debit balance.
  4. Bills payable is a liability. Liability account has a credit balance.

 

Trial balance of Mr. Rajat as on 31st December, 2015.

Particulars

L.F.

Debit BalanceRs. 

Credit BalanceRs. 

Opening stock

 

120,000

 

Return outwards

 

 

13,400

Salary

 

45,000

 

Creditors

 

 

85,000

Bank

 

150,000

 

Carriage inwards

 

8,000

 

Electricity charges

 

14,500

 

Discount received

 

 

6,800

Purchases

 

94,300

 

Bills payable

 

 

16,500

Debtors

 

31,400

 

Carriage outwards

 

2,500

 

Capital

 

 

2,00,000

Machinery

 

45,000

 

Sales

 

 

189,000

Total

 

510,700

510,700

 

Answered by | 26 Jul, 2016, 02:17: PM
CBSE 11-commerce - Accountancy Part I
Asked by Topperlearning User | 01 Jul, 2016, 03:14: PM
ANSWERED BY EXPERT ANSWERED BY EXPERT
CBSE 11-commerce - Accountancy Part I
Asked by Topperlearning User | 26 Jul, 2016, 12:17: PM
ANSWERED BY EXPERT ANSWERED BY EXPERT
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