Commerce Exam > Commerce Notes > Accountancy Class 11 > Trial Balance (Part - 1)
Trial Balance (Part - 1) | Accountancy Class 11 - Commerce PDF Download
Page No 13.23:
Question 1: Prepare a Trial Balance with the following information:
Answer:
Trial Balance
Point of Knowledge:
- Trial balance is a list of balances of all Ledger accounts and Cash Book.
- Trial balance verifies the arithmetical accuracy of posting of entries from the Journal to the Ledger.
Page No 13.23:
Question 2: Journalise the following transactions, post them into Ledger and prepare a Trial Balance:
Answer:
Point of Knowledge:
- Trail Balance is not an account so we can’t use ‘To’ or ‘By’ in this.
- If an Account does not show any balance, it is ignored.
- At the end of the year balance of purchases account will be transferred to the debit of trading account.
- At the end of the year balance of sales account will be transferred to the credit of trading account.
Page No 13.23:
Question 3: Prepare the Trial Balance of Ankit as on 31st March, 2019. He has omitted to open a Capital Account:
ANSWER:
Working Note:-
Amount of Capital Account = Sum of Debit Side – Sum of Credit Side
= 12, 91,250 – 11, 32,500
= 1, 58,750
Point of Knowledge:
- Total Method of Trail Balance:- In this method the total of each side of the account is entered respectively in the debit and credit columns of the Trial Balance.
- This Trail Balance method is known as the gross trail balance.
Page No 13.23:
Question 4: Prepare a Trial Balance from the following items:
ANSWER:
Point of Knowledge
The opening Stock Account shows a debit balance which is shown on the debit column of a Trial Balance.
Page No 13.24:
Question 5: The following are the balances extracted from the books of Mr. A. Mukhopadhyay. Prepare a Trial Balance as on 31st March, 2019:
Answer:
Trial Balance of Mr. A. Mukhopadhyay
as on March 31, 2018
Point of Knowledge:
- It can be prepared immediately after the completion of posting from books of original entry to the ledger.
- It shows the total amounts of the debit and credit side in each ledger account.
The document Trial Balance (Part - 1) | Accountancy Class 11 - Commerce is a part of the Commerce Course Accountancy Class 11.
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FAQs on Trial Balance (Part - 1) - Accountancy Class 11 - Commerce
| 1. What is a trial balance in commerce? |  |
Ans. A trial balance in commerce is a statement that lists all the ledger accounts and their respective debit or credit balances. It is used to ensure that the total debits equal the total credits, thus verifying the accuracy of the accounting records.
| 2. Why is a trial balance important in commerce? | |
Ans. A trial balance is important in commerce because it helps in detecting errors and ensuring the accuracy of the accounting records. By comparing the total debits with the total credits, any discrepancies can be identified and rectified before the preparation of financial statements.
| 3. How is a trial balance prepared in commerce? | |
Ans. To prepare a trial balance in commerce, all the ledger accounts are listed along with their respective debit or credit balances. The total of debit balances and credit balances are calculated separately and compared to ensure they are equal. If they are not equal, it indicates there are errors in the accounting records.
| 4. What are the types of errors that can be identified using a trial balance in commerce? | |
Ans. A trial balance in commerce can help identify errors such as posting errors (e.g., posting a transaction to the wrong account), calculation errors (e.g., adding or subtracting amounts incorrectly), and omission errors (e.g., omitting to record a transaction).
| 5. Can a trial balance guarantee the absence of errors in commerce? | |
Ans. No, a trial balance cannot guarantee the absence of errors in commerce. It can only detect errors where the debits and credits do not balance. However, it does not ensure that individual transactions or amounts within the accounts are correct. Therefore, additional checks and verification processes are necessary to ensure the accuracy of the accounting records.
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Nov 08, 2024 Last updated |
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