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11th Standard English Medium Accountancy Subject Trial Balance Creative 5 Mark Questions with Solution Part - I updated Creative Questions

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Questions:

Generic 5

5 x 5 = 25

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

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

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

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

Explain the methods of preparing trial balance.

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Answers Key:

Generic 5

5 x 5 = 25

In the books of Balan trial balance as on 31.12.2016
S.No	Name of account	Debit balance Rs	Credit balance Rs
1.	Computer	26,000
2.	Salaries to drivers	4,000
3.	Taxes and insurance	16,500
4.	Fuel and Power	2,000
5.	Rent and rates	1,500
6.	Freehold land	30,000
7.	Bank loan		15,000
8.	Fees received		18,150
9.	Capital		53,850
10.	Advertisement	7,000
	Total	87,000	87,000

In the books of Mr. Balakrishnan Trial Balance as on 31.12.2017
S.No	Name of account	Debit balance Rs	Credit balance Rs
1	Capital		2,00,000
2	Drawings	18,000
3	Furniture	64,500
4	Stock at the beginning	62,050
5	Bills receivable	7,500
6	Bills payable		8,750
7	Purchases	88,100
8	Sales		1,35,450
9	Discount allowed	7,100
10	Discount received		3,500
11	Repairs	2,400
12	Office lighting	2,600
13	Printing and Stationery	2,700
14	Bank loan		17,500
15	Computer	30,000
16	Debtors	46,500
17	Cash in hand	17,000
18	Cash at bank	27,250
19	General expenses	7,100
20	Creditors		17,600
	Total	3,82,800	3,82,800

**In the books of** **Mr.** **Gowri Sankar Trial Balance as on 31.12.2017**
S.No	Name of account	Debit balance Rs	Credit balance Rs
1	Buildings	15,000
2	Bills payable		5,000
3	Debtors	15,000
4	Cash at bank	16,800
5	Insurance	1,600
6	Rent received		5,000
7	Donation given	2,500
8	Loan borrowed		50,000
9	Conveyance charges	5,600
10	Salary	3,500
11	Capital		30,000
12	Furniture	20,000
13	Motor Vehicles	5,000
14	Patents	2,000
15	Goodwill	3,000
	Total	90,000	90,000

**In the books of Sudhir Chaudhary Trial balance as on 31.03.2017**
S.No	Name of account	L.F	Debit balance Rs	Credit balance Rs
1	Capital			10,00,000
2	Plant and Machinery		13,40,000
3	Furniture		2,40,000
4	Cash in hand		60,000
5	Bank overdraft			78,000
6	Purchases		22,70,000
7	Sales			34,80,000
8	Debtors		9,64,000
9	Creditors			5,30,000
10	Rent		1,92,000
11	General expenses		14,000
12	Discount allowed		2,000
13	Sales return		6,000
	Total		50,88,000	50,88,000

A trial balance can be prepared in the following methods.
(i) Total method:
1) Under this method, the total amounts on the debit side of the ledger accounts and the total amounts on the credit side of the ledger accounts are ascertained and recorded in the trial balance.
2) This method is not commonly used as it cannot help in the preparation of financial statements.
(ii) Balance method:
1) In this method, the balance of every ledger account either debit or credit, as the case may be, are recorded in the trial balance against the respective accounts.
2) The Balance method is widely used, as it helps in the preparation of financial statements.
(iii) Total and Balance method:
1) This method is a combination of both total method and balance method.
2) Under this method four columns are provided namely,
a) totals of debit side of the ledger accounts
b) totals of the credit side of the ledger accounts
c) debit balances of ledger accounts and
d) credit balances of ledger accounts.