Commerce Exam > Commerce Notes > Trial Balance and Errors (Part - 1)
Trial Balance and Errors (Part - 1) - Commerce PDF Download
Page No 14.25:
Question 1:
Given below is a Cash Book and Ledger extracts relating to the books of M/s Ram Chander & Sons as at 31st January 2015. You are required to prepare a Trial Balance.
ANSWER:
Page No 14.27:
Question 2:
From the following balances, taken from the books of M/s Dwarka Parshad & Sons as at 31st March 2017, prepare a Trial Balance in proper form:−
ANSWER:
Page No 14.27:
Question 3(A):
Prepare a Trial Balance from the following balances as at 31st March 2017:−
Page No 14.28:
Question 3(B):
Prepare a Trial Balance from the following balances taken as at 31st March 2017:−
ANSWER:
Page No 14.28:
Question 4:
Following balances were extracted from the books of Ravinder Associates as at 31st March, 2017:
You are required to prepare the trial balance treating the difference as his capital.
ANSWER:
Note: Closing Stock of Rs 3,80,000 will not appear in Trial Balance, because it has not been accounted yet.
Page No 14.28:
Question 5:
The following trial balance has been prepared by an inexperienced accountant. Redraft it in a correct form:−
ANSWER:
FAQs on Trial Balance and Errors (Part - 1) - Commerce
| 1. What is a trial balance and why is it important in commerce? |  |
Ans. A trial balance is a statement that lists all the accounts and their balances at a specific point in time. It is important in commerce as it helps in detecting errors, ensuring accuracy in financial statements, and preparing for the financial closing process.
| 2. What are the common types of errors that can be identified through a trial balance? | |
Ans. The common types of errors that can be identified through a trial balance include mathematical errors, posting errors, omission of entries, and errors of principle. These errors can be identified by verifying if the total debits equal the total credits in the trial balance.
| 3. How can errors be rectified after they are identified in a trial balance? | |
Ans. Errors identified in a trial balance can be rectified by investigating the source documents and journals, correcting the errors, and then updating the affected accounts. If the error is material, it may require adjusting entries or restatement of financial statements.
| 4. Can a trial balance guarantee that there are no errors in the accounting records? | |
Ans. No, a trial balance cannot guarantee that there are no errors in the accounting records. While it helps in detecting arithmetic errors and some types of mistakes, it does not guarantee the absence of all errors. There may be errors that do not affect the trial balance, such as compensating errors or errors that cancel each other out.
| 5. How often should a trial balance be prepared in commerce? | |
Ans. A trial balance should be prepared at the end of each accounting period, typically monthly, quarterly, or annually. This allows for the timely identification of errors and ensures the accuracy of financial statements before they are presented to stakeholders.
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