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11th Accountancy Monthly Test - 2 ( Trial balance )

MABS Institution

11th Accountancy Monthly Test - 2 ( Trial balance )-Aug 2020

Time : 2.30 Hours

Part - A

Multiple Choice Question - Answer All Question

Trial balance of a trader shows the following balances: Opening Inventory Rs.9600,Purchases less returns Rs.11850; Salaries Rs.3200;Wages Rs.750; Commission on purchases Rs.200Carriage outwards Rs.300; Sales Rs.24900; Closing Inventory Rs.3500; Carriage _Q(purchases Rs.1000; Gross profit will be___________.

Rs. 5,000
Rs. 6,500
Rs. 3,250
Rs. 3,200

Suspense account having debit balance will be shown on the

Credit side of the profit and loss A/c
Liabilities side of the balance sheet
Assets side of the balance sheet
Debit side of the profit and loss A/c

Wages paid to workers for the installation of a new machinery should be debited to ___________account.

wages
machinery
factory expenses

Which of the following method(s) can be used for preparing trial balance?

Balance method
Total method
Total and Balance method
a, b and c

The statement showing balance of all the ledger accounts is known as

Trial balance
Balance sheet
Bank reconciliation statement
Profit and loss account

Amount spend on servicing office typewriter should be debited to______________

miscellaneous expenses account
typewriter account
repairs account

Which of the following will affect the agreement of a trial balance?

Complete omission of a transaction
Partial omission of a transaction
Error of principle
Compensating errors

Suspense account in the trial balance is entered in the ______________.

Trading Account
Profit and Loss Alc
Balance Sheet
None of these

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

Trading account
Difference account
Suspense account
Miscellaneous account

Trial balance is prepared:

At the end of the year
On a particular date
For a year
None of the above

Part - B

Generic 2 - Answer All Question

State whether the balance of the following accounts should be placed in the debit or the credit column of the trial balance
(i) Carriage outwards (ii) Carriage inwards (iii) Sales (iv) purchases (v) Bad debts (vi) interest paid (vii) Interest received (viii) Discount received (ix) capital (x) Drawings (xi) sales returns (xii) purchase returns

Is Trial balance an account or a statement?

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

Name the different kinds of errors ..

Define Trial balance.

Is it correct to say that trial balance facilitates the preparation of financial statements?

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

Part - C

Generic 3 - Answer All Question

What are the limitations of trial balance?

Prepare the trial balance from the following-balances of Ms Chitra as on 31.03.2015.

Rs Rs

Capital 2,50,000 Bank 2,75,000

Bills payable 50,000 Debtors 1,00,000

Opening Stock 75,000 Discount received 5,000

Loan 1,50,000 Sales 50,000

Salaries 10,000 Purchases 45,000

What are the features 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

Explain the need for preparing trial balance.

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

From the following balances extracted from the books of Mrs. Kokila, prepare trial balance as on 31.03.2017.

Rs Rs

Purchases   40,000   Advertisement   4,000

Rent paid 2,000 Generalexpenses 700

Discount received   1,000   Commission paid 1,500

Carriage inward 2,700   Capital 50,000

Closing stock 38,600 Sales 38,500

Part - D

Generic 5 - Answer All Question

Correct the following trial balance:

Particulars Debit Balance
Rs Credit Balance
Rs

Opening Stock 1,00,000

Salaries 36,000

Creditors 1,32,000

Bank 35,000

Carriage inwards 18,000

Rent received 9,000

Discount allowed 6,000

Purchases 3,48,000

Bills payable 60,000

Debtors 45,000

Carriage outwards 15,000

Capital 1,63,000

Returns inward 9,000

Discount received 12,000

Trade expenses 18,000

Sales 3,68,000

Building 1,14,000

Total 7,44,000 7,44,000

Prepare Trial Balance as on 31.3.2014 from the books of Thiru. Sridhar.

Name of the account Rs Name of the account Rs

Capital 1,49,000 Drawings 14,000

General Expenses 7,000 Building 22,000

Machinery 68,680 Stock 32,400

Power, Fuel 4,480 Insurance 2,610

Wages 14,400 Creditors 55,000

Bad debts 1,100 Loan (Cr.) 35,760

Sales 1,30,720 Purchases 94,000

Car 1,44,000 General Reserve 1,800

Commission (Cr.) 4,640 Car Expenses 3,600

Bills Payable 17,700 Cash 14,740

Bank Overdraft 28,600 Discount (Dr.) 210

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

Prepare the trial balance from the following balances of Karthik as on 31^st March, 2017.

Rs Rs

Rent and Taxes 5,000 Rent 6,000

Discount allowed 350 General expenses 3,000

Capital 10,000 Legal expenses 2,000

Insurance premium 4,000 Purchases 40,000

Drawings 5,000 Sales 55,350

Prepare trial balance as on 31.12.2017 from the following balances of Mr Balakrishnan.

Rs Rs

Capital   2,00,000   Repairs   2,400

Drawings   18,000   Office lighting   2,600

Furniture 64,500   Printing and Stationery   2,700

Stock at the beginning   62,050   Bank loan 17,500

Bills receivable 7,500   Computer 30,000

Bills payable 8,750   Debtors 46,500

Purchases 88,100   Cash in hand 17,000

Sales 1,35,450   Cash at bank 27,250

Discount allowed 7,100   General expenses 7,100

Discount received 3,500   Creditors 17,600

Prepare trial balance as on 31.12.2013 from the following balances of Thiru. Jothi Raman

Name of Account Rs Name of Account Rs

Capital 1,40,000 Purchases 1,94,000

Creditors 13,000 Sales Returns 3,400

Drawings 4,000 Purchases Returns 2,400

Salaries 7,200 Carriage inwards 1,400

Bills Receivable 5,800 Printing and Stationery 3,500

Bills Payable 7,000 Stock 29,900

Debtors 16,000 Machinery 1,10,000

Sales 2,44,000 Household goods 3,000

Insurance 1,200 Wages 5,000

Bad debts 600 Rent 1,600

Land 20,000 Interest received 1,700

Discount 900 Travelling expenses 1,000

Commission (Cr.) 800 Electricity charges 400

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

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