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15 views3 pages

Worksheet+1 3+introducing+trail+balances

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21ke24b19850
Copyright
© © All Rights Reserved
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Worksheet 1.

3: Introducing trial balances


1 State whether the following sentences are true or false.

True or false
A trial balance is a list of the assets and liabilities on a
certain date.
A trial balance is a list of balances in the ledger on a
certain date.
A trial balance proves the arithmetical accuracy of the
double entry book-keeping.
A trial balance proves that the double entries in the
ledger are correct.

2 Complete the table, indicating with a tick (✓) where each account would
appear in a trial balance.

Debit column Credit column


Capital
Drawings
Carriage inwards
Carriage outwards
Purchases returns
Loan from ADC
Loan interest
Rent receivable

© Cambridge University Press 2018 1


3 Complete the table by naming the type of error described by each statement.
The first one has been completed as an example.

Name of error
A transaction has been completely omitted from the error of
accounting records. omission
An incorrect figure was used when a transaction was
first entered in the accounting records.
A transaction was entered using the correct amount and
on the correct side but in the wrong class of account.
Two or more errors were made which cancelled each
other out.
A transaction was entered using the correct amount in
the correct accounts but the entry was made on the
wrong side of each account.
A transaction was entered using the correct amount and
on the correct side but in the wrong account of the
same class.

© Cambridge University Press 2018 2


4 Using the list of balances below, prepare the trial balance of Amit at
31 May 20–8.

Amit
Trial balance at 31 May 20–8
Dr Cr
$ $ $
Sales 176 000 Sales ................... ...................
Purchases 110 000 Purchases ................... ...................
Carriage 5 040 Carriage ................... ...................
inwards inwards
Sales returns 1 650 Sales returns ................... ...................
Purchases 950 Purchases ................... ...................
returns returns
Fixtures and 48 000 Fixtures and ................... ...................
fittings fittings
Motor vehicles 14 000 Motor vehicles ................... ...................
Inventory 21 000 Inventory ................... ...................
Trade 14 000 Trade ................... ...................
receivables receivables
Trade payables 11 500 Trade payables ................... ...................
Balance at bank 2 385 Balance at bank ................... ...................
Cash 1 720 Cash ................... ...................
Wages 15 300 Wages ................... ...................
Rent 22 000 Rent ................... ...................
Electricity 3 260 Electricity ................... ...................
General 4 670 General ................... ...................
expenses expenses
Drawings 14 000 Drawings ................... ...................
Capital 88 575 Capital ................... ...................
................... ...................
................... ...................

© Cambridge University Press 2018 3

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