Commerce Exam > Commerce Notes > Accountancy Class 11 > Trial Balance - (Part-2)
Trial Balance - (Part-2) | Accountancy Class 11 - Commerce PDF Download
Page No 13.24:
Question 6: From the following information, prepare a Trial Balance of M/s. Prayag for the year ended 31st March, 2019:
ANSWER:
Question 7: Following are the Ledger Balances of Sri Paul on 31st March, 2018:
You are required to prepare Trial Balance as on 31st March, 2018.
ANSWER:
STATEMENT OF TRIAL BALANCE
Trial Balance
as on March 31, 2018
Page No 13.24:
Question 8: From the following balances extracted from the Ledger of Sri Narugopal, prepare Trial Balance as on 31st March, 2019:
ANSWER:
Page No 13.25:
Question 9: From the following Ledger account balances extracted from the books of R.J. Gupta, prepare a Trial Balance as on 31st March, 2019:
ANSWER:
Page No 13.25:
Question 10: Following Trial Balance is given but it is not correct. Prepare correct Trial Balance.
ANSWER:
Page No 13.25:
Question 11: Redraft correctly the Trial Balance given below: 
ANSWER:
Trial Balance
as on March 31, 2018
Page No 13.26:
Question 12: Correct the following Trial Balance:
ANSWER:
Page No 13.26:
Question 13: Prepare correct Trial Balance from the following Trial Balance in which there are certain mistakes:
ANSWER:
The document Trial Balance - (Part-2) | Accountancy Class 11 - Commerce is a part of the Commerce Course Accountancy Class 11.
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FAQs on Trial Balance - (Part-2) - Accountancy Class 11 - Commerce
| 1. What is a trial balance in commerce? |  |
Ans. A trial balance is a statement that lists all the ledger balances of a business at a specific point in time. It is prepared to ensure that the total debit balances equal the total credit balances, which indicates that the accounting records are in balance.
| 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 and credits, any discrepancies or mistakes 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 balances are extracted and listed in a specific format. The debit balances are listed in one column, and the credit balances are listed in another column. The totals of both columns are then calculated and compared to ensure they are equal.
| 4. What are the limitations of a trial balance in commerce? | |
Ans. Despite its usefulness, a trial balance has certain limitations in commerce. It cannot detect all types of errors, such as errors of omission or errors that cancel each other out. Additionally, a trial balance does not guarantee the accuracy of individual ledger balances, as long as the total debits equal the total credits.
| 5. How often should a trial balance be prepared in commerce? | |
Ans. In commerce, a trial balance is typically prepared at the end of an accounting period, such as monthly, quarterly, or annually. However, it can also be prepared more frequently for internal reporting purposes or to identify errors and discrepancies in a timely manner.
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Dec 22, 2024 Last updated |
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