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11th Accountancy Weekly Test - 1 ( Trial balance )

MABS Institution

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

Time : 1.30 Hours

Part - A

Multiple Choice Question - Answer All Question

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

Trading Account
Profit and Loss Alc
Balance Sheet
None of these

While Preparing the trial balance, the accountant finds that the total of the debit column is short by Rs. 1,000. This difference will be

Debited to suspense account
created to suspense account
Adjusted to any of the debit balance
Adjusted to any of the credit balance

Which one of the following is the most popular method of preparing a trial balance.

Total method
Balance method
Trial and error method
Line method

Suspense account having credit balance will be shown on the _____________.

Credit side of the Profit and Loss Alc
Debit side of the Profit and Loss Alc
Liabilities side of the Balance Sheet
Assets side of the Balance Sheet

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

The preparation of trial balance is the________step in the accounting process.

First
Second
third
fourth

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

conclusive
Exclusive
Submissive
Inclusive

Amount spend on servicing office typewriter should be debited to______________

miscellaneous expenses account
typewriter account
repairs account

The trial balance helps in discovering errors which may have been committed in the __________.

accounting transactions
accounting standard
accountancy
accounting. records

______________helps to check the arithmetical accuracy of entries made in the accounting records.

Balance Sheet
Trial Balance
Bookkeeping
Double Entry

Part - B

Generic 2 - Answer All Question

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

Analyse the Trial Balance. Can you identify accounts that have only debit balances/credit balances always?

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

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

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

Part - C

Generic 3 - Answer All Question

From the following balances extracted from the books of Mr Kannan at trader on automobiles, prepare trial balance as on 3Pt March 2017.

Rs Rs

Cash ih hand 5,500 Direct expenses 5,000

Discount received 300 Carriage outwards 3,500

Creditors 15,000 Capital 45,000

Buildings 50,000 Purchases 49,700

Opening stock 6,000 Sales 59,000

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

Whatis the need for preparing 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

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

Part - D

Generic 5 - Answer All Question

From the following balances. extracted from the books of Pearl, a trader, prepare trial balance as on 31st March, 2017.

Particulars Rs Particulars Rs

Capital 44,000 Interest 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 ThiruvChandru, Prepare Trial Balance as on 30.06.2014.

Name of the account Rs Name of the account Rs

Capital 1,20,000 Machinery 6,000

Cash in hand 5,000 Sundry Debtors 8,000

Building 20,000 Repairs 400

Stock 3,000 Wages 1,700

Sundry Creditors 6,000 Insurance Premium 300

Commission paid 700 Sales 1,90,000

Rent and Taxes 300 Return inwards 400

Purchases 1,60,000 Carriage 200

Return outwards 750 Telephone charges 250

Furniture 51,000 Salaries 600

Loan to Eswaran 1,000 Discount earned 100

Discount allowed 50 Bank overdraft 4,300

Drawings 5,000 Reserve Fund 900

Bank balance 8,000 Motor car 55,200

Bad debts 350 Loan from Kousalya 5,400

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

Rs Rs

Capital 1,24,500 Bank Overdraft 5,800

Drawings 2,000 Motor Car 20,000

Loan Borrowed 7,000 General expenses 2,500

Sales 53,400 Building 1,10,000

Purchases 40,000 Stock 16,200

Prepare trial balance as on 31.03.2013 from the following balances of Mrs. Sujatha.

Name of the account Rs Name of the account Rs

Drawings 43,000 Purchases 2,98,000

Capital 2,12,000 Sales 3,64,000

Sundry creditors 61,500 Salaries 44,950

Bills Payable 22,000 Sales return 500

Sundry Debtors 55,000 Purchases return 2,550

Bills Receivable 72,600 Travelling expenses 12,300

Loan-from Shameem 2,50,000 Commission paid 250

Furniture & Fittings 12,250 Discount earned 2,000

Opening stock 2,23,500 Cash in hand 65,040

Cash at bank 86,250

From the following balances extracted from the books of Mr Gowri Sankar, a merchant of Chennai, prepare trial balance as on 31.12.2017.

Rs Rs

Buildings   15,000   Conveyance charges   5,600

Bills payable   5,000   Salary 3,500

Debtors 15,000   Capital 30,000

Cash at bank   16,800   Furniture 20,000

Insurance 1,600   Motor Vehicles 5,000

Rent received 5,000   Patents 2,000

Donation given   2,500   Goodwill 3,000

Loan borrowed 50,000

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