InstaQB

Home
Institutions
- Institutions
  
  Polytechnic Colleges
  
  Medical Colleges
  
  Arts & Science Colleges
  
  Universities
  
  Engineering Colleges
  
  Agricultural Colleges
  
  Research Institute
  
  Law Colleges
  
  Audiology and Speech Colleges
  
  Business & Management colleges
  
  Nursing colleges
  
  Hotel Management institutes
  
  Aeronautical Colleges
  
  Bachelor's Degree
Syllabus
Courses
Stateboard
- 12th Standard English Medium
  
  Maths
  
  Physics
  
  Chemistry
  
  Biology
  
  Computer Science
  
  Business Maths
  
  Economics
  
  Commerce
  
  Accountancy
  
  History
  
  Computer Applications
  
  Computer Technology
  12th Standard Tamil Medium
  
  உயிரியல்
  
  கணினி பயன்பாடுகள்
  
  கணினி அறிவியல்
  
  வணிகக் கணிதம்
  
  வணிகவியல்
  
  பொருளியல்
  
  கணிதவியல்
  
  வேதியியல்
  
  இயற்பியல்
  
  கணினி தொழில்நுட்பம்
  
  வரலாறு
  
  கணக்குப்பதிவியல்
  11th Standard English Medium
  
  Maths
  
  Commerce
  
  Economics
  
  Biology
  
  Business Maths
  
  Accountancy
  
  Computer Science
  
  Physics
  
  Chemistry
  
  Computer Applications
  
  History
  
  Computer Technology
  
  Bio - Zoology
  11th Standard Tamil Medium
  
  கணிதவியல்
  
  உயிரியல்
  
  பொருளியல்
  
  இயற்பியல்
  
  வேதியியல்
  
  வணிகக் கணிதம்
  
  கணினி அறிவியல்
  
  கணக்குப்பதிவியல்
  
  வணிகவியல்
  
  கணினி பயன்பாடுகள்
  10th Standard English Medium
  
  Mathematics
  
  Science
  
  Social Science
  
  9th Standard English Medium
  
  Mathematics
  
  Science
  
  Social Science
  
  8th Standard English Medium
  
  Mathematics
  
  Science
  
  Social Science
  7th Standard English Medium
  
  Mathematics
  
  Science
  
  Social Science
ICSE/ISC
- Class XII
  
  Mathematics
  
  Physics
  
  Accountancy
  
  Biology
  
  History
  
  Geography
  
  Psychology
  
  chemistry
  
  Economics
  
  Computer Science
  
  Political Science
  
  Business Studies
  Class XI
  
  Accountancy
  
  Chemistry
  
  Mathematics
  
  Biology
  
  Geography
  
  Physics
  
  History
CBSE
- 12Th Standard
  
  Physics
  
  Chemistry
  
  Maths
  
  Biology
  
  History
  
  Economics
  
  Commerce
  
  Geography
  
  Socialogy
  
  Business Studies
  
  Computer Science
  
  Biotechnology Class
  
  Political Science
  
  Home Science
  11Th Standard
  
  Physics
  
  Chemistry
  
  Maths
  
  Biology
  
  History
  
  Economics
  
  Commerce
  
  Socialogy
  
  Business Studies
  
  Geography
  
  Home Science
  
  Computer Science
  
  Biotechnology Class
  
  Political Science
  10Th Standard
  
  Physics
  
  Chemistry
  
  Biology
  
  Mathematics
  
  Economics
  
  Geography
  
  History & Civics
  
  Computer Application
  9Th Standard
  
  Physics
  
  Chemistry
  
  Biology
  
  mathematics
  
  Computer Application
  
  Economics
  
  Geography
  
  History & Civics

11th Accountancy Monthly Test - 1 ( Trial balance )

MABS Institution

11th Accountancy Monthly Test - 1 ( Trial balance )-Aug 2020

Time : 2.30 Hours

Part - A

Multiple Choice Question - Answer All Question

Bank account will show__________balance

Debit
Credit
Debit (or) Credit
None

The difference of totals of both debit and credit side of trial balance is transferred to :

Trading account
Difference account
Suspense account
Miscellaneous account

All the following statements are correct except__________.

Trial balance is a statement and not an account
Trial balance is prepared at the end of the year
Trial balance is not a concluding proof of arithmetical accuracy
Trial balance is tallied if a transaction posted twice in the ledger

Closing stock in the Trial Balance implies that

It is already adjusted in the opening stock
It is adjusted in sales account
It is adjusted in the purchases account
None of these

The first step is recording the business transactions in ____________.

Subsidiary Books/Journal
Ledger
Balance Sheet
Trial balance

After the preparation of ledger, the next step is the preparation of

Trading account
Trial balance
Journal
Profit and loss account

Trial Balance is a statement which shows_____of all accounts

Debit or Credit Balances
Balance and Totals
Positive and Negative Balances
Opening and Closing balances

Trial balance is prepared to find out the_________

profit or loss
financial position
arithmetical accuracy of the accounts

Trial Balance shows arithmetical accuracy of ledger accounts, but it is not a_____proof of accuracy.

conclusive
Exclusive
Submissive
Inclusive

A list which contains balances of accounts to know whether the debit and credit balances are matched is___

Journal
Day book
Trial balance
Balance sheet

Part - B

Generic 2 - Answer All Question

Do you think that the ledger account postings are error free? If not, how do you make sure that the entries are correct?

Why is it said that the trial balance is not a conclusive proof ofthe accuracy ofthe account books?

Prepare a trial balance with the following information:

Rs Rs

Purchases 2,00,000 Sales 3,00,000

Bank loan 1,50,000 Creditors 1,00,000

Debtors 3,00,000 Cash 1,80,000

Stock 70,000 Capital 2,00,000

What are the methods of preparation of trial balance?
Name the different kinds of errors ..

Prepare a correct trial balance from the following trial balance in which there are certain mistakes.

S.No Name of account L.F. Debit Balance
Rs Credit Balance
Rs

1. Sales 1,75,000

2. Closing Stock 1,50,000

3. Debtors 30,000

4. Creditors 15,000

5. Fixed Assets 25,000

6. Expenses 30,000

7. Capital 45,000

What is suspense account?

Is Trial balance an account or a statement?

Trial Balance is a link between the ledger and final accounts. Explain.

What will be the effect on trial balance if purchases return of Rs 10,000has been wrongly posted to the debit of sales return account but correctly entered in the customer's account?

Part - C

Generic 3 - Answer All Question

'A trial balance is only a prima facie evidence of the arithmetical accuracy of records'. Do you agree with this statement? Give reasons.

What are the limitations of trial balance?

From the following balances extracted from the books of Mrs. Umashankar a trader, prepare trial balance as on 31.03.2015.

Rs Rs

Capital 44,000 Interested on investment 2,000

Bills receivable 5,000 Customs duty 3,000

Wages 800 Computer 20,000

Drawings 4,000 Sales 72,000

Purchases 75,000 Opening stock 10,200

The following balances are extracted from the books of Murali, as on 31st March, 2017. Prepare trial balance.

Particulars Rs Particulars Rs

Sales 35,000 Audit fees 1,000

Interest paid 350 Octroi duty 8,000

Returns inward 2,500 Land 90,000

Depreciation 2,400 Capital 60,000

Office rent 2,000 Bank overdraft 11,250

What are the features of trial balance?

The following balances are extracted from the books of Mr. Saran, as on 31.03.2017. Prepare trial balance transfer the different if any to suspense account.

Rs Rs

Discount allowed   350 Loan borrowed 12,000

Cash in hand 4,100   Commission paid   3,000

Capital 45,000   Purchases 29,050

Salaries 10,000   Sales 35,000

Furniture 9,500

Explain the features of trial balance.

Explain the need for preparing trial balance.

What are the objectives of preparing trial balance?

Whatis the need for preparing trial balance?

Part - D

Generic 5 - Answer All Question

From the following balances of Rohini, prepare the trial balance as on 31^st March, 2016.

Rs Rs

Capital 60,000 Sales 82,000

Dlscount received 3,250 Lighting 800

Purchases 58,000 Drawings 5,250

Plant and machinery 40,000 Car expenses 1,200

Advertising expenses 5,000 Motor car 35,000

Balan who has a car driving school gives you the following ledger balances. Prepare trial balance as on 31st December 2016.

Rs Rs

Computer 26,000 Freehold land 30,000

Salaries to drivers 4,000 Bank loan 15,000

Taxes and insurance 16,500 Fees received 18,150

Fuel and Power 2,000 Capital 53,850

Rent and rates 1,500 Advertisement 7,000

Prepare Trial Balance as on 31.12.2012 from the following balances of Thiru, Rajaram.

Name of the account Rs Name of the account Rs

Drawings 4,800 Purchases 75,000

Stock (1.1.2012) 30,000 Discount received 1,000

Capital 51,700 Discount allowed 950

Furniture 13,000 Repairs 1,000

Sundry Creditors 15,000 Sales 2,00,000

Printing Charges 1,200 Factory rent 2,500

Coal 600 Sundry Expenses 1,000

Bank Loan 20,000 Bills Receivable 12,500

Freight 3,500 Carriage Outwards 1,500

Income Tax 9,500 Advertisement 300

Computers 1,64,500 Interest (Dr.) 300

Bills Payable 35,350

Balan who has a car driving school gives you the following ledger balances. Prepare trial balance as on 31st December, 2016.

Rs Rs

Capital 1,50,000 Sales 75,000

Debtors 22,800 Return inwards 1,000

Rent received 500 Discount allowed 800

Bank overdraft 3,100 Discount received 1,000

Creditors 5,500 Wages 2,900

Premises 1,46,000 Salaries 3,500

Opening Stock 10,000 Commission paid 1,100

Purchases 45,000 General expenses 2,000

Imagine that you start a small shop with an investment of Rs 10,000. Record imaginary business transactions for 10 days [include cash and credit transactions]. Prepare journal, ledger and trial balance with them.

The following balances are extracted from the books of Ravichandran on 31st December, 2016. Prepare the trial balance.

Rs Rs

Capital 1,50,000 Sales 75,000

Debtors 22,800 Return inwards 1,000

Rent received 500 Discount allowed 800

Bank overdraft 3,100 Discount received 1,000

Creditors 5,500 Wages 2,900

Premises 1,46,000 Salaries 3,500

Opening Stock 10,000 Commission paid 1,100

Purchases 45,000 General expenses 2,000

Following is the trial balance of Sudhir Chaudhary as on 31.03.2017.

Rs Rs

Capital 10,00,000   Debtors 9,64,000

Plant and Machinery   13,40,000   Creditors   5,30,000

Furniture 2,40,000   Rent 1,92,000

Cash in hand 60,000   General expenses   14,000

Bank overdraft 78,000   Discount allowed 2,000

Purchases 22,70,000   Sales return 6,000

Sales 34,80,000

Mary runs a textile store. She has prepared the following trial balance from her ledger balances. Her trial balance does not tally. She needs your help to check whether what she has done is correct.

S.No. Name of the account L.F. Debit Balance
Rs Credit Balance
Rs

1. Capital 50,000

2. Discount received 3,000

3. Rent paid 15,000

4. Salaries Paid 1,000

5. Purchases of textiles 20,000

6. Sale of textiles 30,000

7. Salesmen commission paid 9,000

8. Transport charges paid 6,000

9. Cash balance 32,000

89,000 77,000

Prepare Trial Balance as on 3t.3.2014 froni the books of Mrs. Chitra.

Name ofthe account Rs Name ofthe account Rs

Capital 2,49,000 Drawings 24,000

General expenses 97,000 Building 78,000

Machinery 1,18,680 Stock 1,32,400

Wages 14,400 Insurance 2,610

Bad debts 1,100 Creditors 5,000

Sales 3,30,720 Loan (Cr.) 75,000

Commission 5,500 Purchases 2,10,800

Bills payable 7,700 Reserve. Fund 15,000

Bank overdraft 28,600 Cash in hand 23,320

Discount 1,210

From the following balances extracted from the books of Ashok, a merchant of Chennai, prepare trial balance as on 31st December, 2017.

Particulars Rs Particulars Rs

Buildings 20,000 Conveyance charges 3,500

Bills payable 3,000 Salary 5,600

Debtors 20,000 Capital 40,000

Cash at bank 16,800 Furniture 10,000

Insurance paid 1,600 Motor vehicles 5,000

Rent received 5,000 Patents 2,000

Donation given 2,500 Goodwill 3,000

Loan borrowed 42,000

Comment

Add Comment

Tamilnadu Stateboardszs - Class