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Given below are the ledger balances of a management consultancy firm: Capital Rs.4,00,000, Computer Rs. 25,000, Air conditioner and furniture Rs. 1,00,000, Fixed Deposits Rs.2,00,000, Salaries Rs.8,00,000, Fees received Rs. 12,00,000, Travelling expenses Rs.1,50,000, Rent and office expenses Rs.2,40,000, Cash balances Rs. 1,80,000. Bank overdraft Rs. 95,000. The total of trial balance?
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Given below are the ledger balances of a management consultancy firm: ...
Explanation of Ledger Balances of Management Consultancy Firm



  • Capital: Rs.4,00,000

  • Computer: Rs.25,000

  • Air conditioner and furniture: Rs.1,00,000

  • Fixed Deposits: Rs.2,00,000

  • Salaries: Rs.8,00,000

  • Fees received: Rs.12,00,000

  • Travelling expenses: Rs.1,50,000

  • Rent and office expenses: Rs.2,40,000

  • Cash balances: Rs.1,80,000

  • Bank overdraft: Rs.95,000



Total of Trial Balance


The total of trial balance is the sum of all the debit and credit balances in the ledger. In this case, the total of debit balances is Rs. 20,95,000 (Capital + Computer + Air conditioner and furniture + Fixed Deposits + Salaries + Travelling expenses + Rent and office expenses + Bank overdraft) and the total of credit balances is Rs. 12,00,000 (Fees received + Cash balances).

Therefore, the total of trial balance is:

Total Debit balance - Total Credit balance = Rs. 20,95,000 - Rs. 12,00,000 = Rs. 8,95,000.

This means that the total debits in the ledger are higher than the total credits by Rs. 8,95,000. This could be due to several reasons such as unrecorded transactions, errors in recording transactions, or adjustments that have not been made. It is important to investigate the reasons for the imbalance and correct it before preparing the financial statements.
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Given below are the ledger balances of a management consultancy firm: Capital Rs.4,00,000, Computer Rs. 25,000, Air conditioner and furniture Rs. 1,00,000, Fixed Deposits Rs.2,00,000, Salaries Rs.8,00,000, Fees received Rs. 12,00,000, Travelling expenses Rs.1,50,000, Rent and office expenses Rs.2,40,000, Cash balances Rs. 1,80,000. Bank overdraft Rs. 95,000. The total of trial balance?
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