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11th Standard English Medium Accountancy Subject Trial Balance Creative 3 Mark Questions with Solution Part - II

Published on: 30/06/2021

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Std: 11th Standard - Accountancy

chapter: - Creative Questions

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Questions:

Generic 3

5 x 3 = 15

From the following balances extracted from the books of Mr Kannan at trader on automobiles, prepare trial balance as on 31^st March 2017.

	Rs		Rs
Cash in 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

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

Prepare the Trial balance from the following balances of Radha Krishnan as on 31.03.2016.

	Rs		Rs
Cash	75,000	Purchases return	5,000
Furniture	30,000	Drawings	49,000
Salary	25,000	Sales	3,05,000
Loan	35,000	Sales return	1,000
Purchases	2,60,000	Capital	95,000

What are the features of trial balance?

What is the need for preparing trial balance?

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Answers Key:

Generic 3

5 x 3 = 15

**In the book of** **Mr.** **Kannan Trial Balance as on 31.03.2017**
S.No	Name of account	L.F.	Debit balance Rs	Credit balance Rs
1	Cash in hand		5,500
2	Discount received			300
3	Creditors			15,000
4	Buildings		50,000
5	Opening stock		6,000
6	Direct expenses		5,000
7	Carriage outwards		3,500
8	Capital			45,000
9	Purchases		49,700
10	Sales			59,400
	Total		1,19,700	1,19,700

**In the books of** **Ms.** **Chitra Trial Balance as on 31.03.2015**
S.No	Name of account	L.F	Debit balance Rs	Credit balance Rs
1	Capital			2,50,000
2	Bills payable			50,000
3	Opening Stock		75,000
4	Loan			1,50,000
5	Salaries		10,000
6	Bank		2,75,000
7	Debtors		1,00,000
8	Discount received			5,000
9	Sales			50,000
10	Purchases		45,000
	Total		5,05,000	5,05,000

**In the books of Radha Krishnan Trial balance as on 31.03.2016**
S.No	Name of account	Debit balance Rs	Credit balance Rs
1	Cash	75,000
2	Furniture	30,000
3	Salary	25,000
4	Loan		35,000
5	Purchases	2,60,000
6	Purchases return		5,000
7	Drawings	49,000
8	Sales		3,05,000
9	Sales return	1,000
10	Capital		95,000
	Total	4,40,000	4,40,000

Following are the features of trial balance:
(i) Trial balance contains the balances of all ledger accounts.
(ii) It is prepared on a specific date.
(iii) Trial balance helps to check the arithmetic accuracy of entries made in the books of accounts.
(iv) If there is a difference between the totals of debit column and credit column of the trial balance, it is an indication of errors being committed somewhere.
(v) If both the debit column and the credit column of the trial balance have the same total, it does not mean that there is no mistake in accounting.

(i) Trial balance helps to check the arithmetical accuracy of entries made in the accounting records.
(ii) Trial balance serves as a lubricant for the smooth movement and completion of the accounting cycle.
(iii) The trial balance helps in discovering errors which may have been committed in the accounting records.
(iv) However, is computerised Accounting system, once the transactions are recorded in the journals, all the other records are made simultaneously, i.e. ledger postings, trial balance and final accounts.