Commerce Exam > Commerce Notes > Trial Balance and Errors (Part - 2)
Trial Balance and Errors (Part - 2) - Commerce PDF Download
Page No 14.29:
Question 6:
Following is the Trial Balance as at 31st March, 2015:
Having prepared the Trial Balance, it was discovered that following transactions remained unrecorded:
(i) Goods were sold on credit amounting to ₹ 40,000.
(ii) Paid to creditors ₹ 22,000 by cheque.
(iii) Goods worth ₹ 7,000 were returned to a supplier.
(iv) Paid salary ₹ 15,000 by cheque.
Required:
(i) Pass Journal entries for the above mentioned transactions and post them into Ledger
(ii) Redraft the Trial Balance.
ANSWER:
Page No 14.30:
Question 7:
The following is the Trial Balance prepared by an inexperienced accountant. Redraft it in a correct form and give necessary notes : −
ANSWER:
Note: Since, the Trial Balance does not tally, thus, the difference of Rs 3,820 is transferred to the Credit Balance Column of Trial Balance
Page No 14.30:
Question 8:
A book-keeper extracted the following Trial Balance as at 31st March, 2017 :
You are required to redraft the trial balance correctly.
ANSWER:
Note: Closing Stock of Rs 3,30,000 will not appear in Trial Balance, because it has not been accounted yet.
Page No 14.31:
Question 9:
From the following ledger balances prepare trial balance :
Capital ₹ 20,800, Rent outstanding ₹ 1,420, Amount due to Param, ₹ 15,000, Drawing ₹ 2,800, Goodwill ₹ 12,000, Interest received ₹ 2,000, Discount received ₹ 1,580, Amount due from Deepan ₹ 26,000.
ANSWER:
FAQs on Trial Balance and Errors (Part - 2) - Commerce
| 1. What is a trial balance? |  |
Ans. A trial balance is a statement that lists all the ledger accounts and their respective balances to ensure that the total debits equal the total credits. It is prepared to identify any errors or discrepancies in the accounting records.
| 2. What are the types of errors that can occur in a trial balance? | |
Ans. There are several types of errors that can occur in a trial balance, including:
- Errors of omission: When a transaction is completely omitted from the accounting records.
- Errors of commission: When a transaction is recorded but with incorrect amounts or in the wrong accounts.
- Errors of principle: When a transaction is recorded in violation of accounting principles.
- Errors of original entry: When an incorrect amount is recorded in the original entry of a transaction.
- Errors of reversal: When the debit and credit amounts are mistakenly reversed.
| 3. How do you identify errors in a trial balance? | |
Ans. To identify errors in a trial balance, you need to recheck the accuracy of the ledger accounts and the arithmetic calculations. Start by verifying that all transactions have been correctly recorded in the respective accounts. Then, double-check the addition of debit and credit balances. If the trial balance does not balance, it indicates that there is an error somewhere in the accounting records.
| 4. What are some common causes of errors in a trial balance? | |
Ans. Some common causes of errors in a trial balance include:
- Incorrect recording of transactions.
- Mistakes in transferring balances from subsidiary books to ledger accounts.
- Mathematical errors in adding or subtracting balances.
- Failure to record a transaction or recording it in the wrong period.
- Errors in posting entries from the journal to the ledger.
| 5. How can trial balance errors be rectified? | |
Ans. Trial balance errors can be rectified by thoroughly reviewing the ledger accounts and identifying the specific error. Once the error is identified, it can be corrected by making appropriate adjustments. This may involve adjusting journal entries, correcting posting errors, or reclassifying transactions. After the necessary corrections are made, a revised trial balance can be prepared to ensure that the debits and credits now balance.
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