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
Expert Answer
- [1]Return outwards is purchase returns. Purchase returns account has a credit balance.
- Discount received is an income. Income accounts have credit balance.
- Purchase is an expense. Expense account has a debit balance.
- 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
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