Identify the errors and prepare the corrected trail balance.

Question

Identify the errors and prepare the corrected trail balance.

Banking & FinanceFinance ManagementGrowth & Empowerment

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Sl. No	Accounts	Ref	Debit	Credit
1	Owners’ equity			1800
2	Owners’ drawings		600
3	Equipment’s		3500
4	Sales			3400
5	Customers payment Dues			600
6	Purchases		1500
7	Purchases returned		500
8	Loan			970
9	Creditors		550
10	Taxes		620
11	Cash in hand		450
12	Note payable		823
13	Inventory			350
14	Repair		423
			8966	7120

Solution

The solution is as follows −

Sl. No	Accounts	Ref	Debit	Credit
1	Owners’ equity			1800
2	Owners’ drawings		600
3	Equipment’s		3500
4	Sales			3400
5	Customers payment Dues		600
6	Purchases		1500
7	Purchases returned			500
8	Loan			970
9	Creditors			550
10	Taxes		620
11	Cash in hand		450
12	Note payable			823
13	Inventory		350
14	Repair		423
Total			8043	8043

Mandalika

Published on 26-Sep-2020 16:21:03

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