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.
All you need of Commerce at this link: Commerce
|
64 videos|152 docs|35 tests
|
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.
Related Exams
About this Document
|
4.63/5 Rating |
|
Dec 31, 2024 Last updated |
Document Description: Trial Balance (Part - 1) for Commerce 2024 is part of Accountancy Class 11 preparation.
The notes and questions for Trial Balance (Part - 1) have been prepared according to the Commerce exam syllabus. Information about Trial Balance (Part - 1) covers topics
like and Trial Balance (Part - 1) Example, for Commerce 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises and tests below for Trial Balance (Part - 1).
Introduction of Trial Balance (Part - 1) in English is available as part of our Accountancy Class 11
for Commerce & Trial Balance (Part - 1) in Hindi for Accountancy Class 11 course.
Download more important topics related with notes, lectures and mock test series for Commerce
Exam by signing up for free. Commerce: Trial Balance (Part - 1) | Accountancy Class 11 - Commerce
Description
Full syllabus notes, lecture & questions for Trial Balance (Part - 1) | Accountancy Class 11 - Commerce - Commerce | Plus excerises question with solution to help you revise complete syllabus for Accountancy Class 11 | Best notes, free PDF download
Information about Trial Balance (Part - 1)
In this doc you can find the meaning of Trial Balance (Part - 1) defined & explained in the simplest way possible. Besides explaining types of
Trial Balance (Part - 1) theory, EduRev gives you an ample number of questions to practice Trial Balance (Part - 1) tests, examples and also practice Commerce
tests
|
Explore Courses for Commerce exam
|
|
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
Related Searches
MCQs
,Summary
,Sample Paper
,Extra Questions
,Exam
,past year papers
,video lectures
,Important questions
,shortcuts and tricks
,Objective type Questions
,practice quizzes
,Trial Balance (Part - 1) | Accountancy Class 11 - Commerce
,Semester Notes
,Viva Questions
,Trial Balance (Part - 1) | Accountancy Class 11 - Commerce
,Previous Year Questions with Solutions
,ppt
,study material
,Trial Balance (Part - 1) | Accountancy Class 11 - Commerce
,Free
,mock tests for examination
;
Additional Information about Trial Balance (Part - 1) for Commerce Preparation
Trial Balance (Part - 1) Free PDF Download
The Trial Balance (Part - 1) is an invaluable resource that delves deep into the core of the Commerce exam.
These study notes are curated by experts and cover all the essential topics and concepts, making your preparation more efficient and effective.
With the help of these notes, you can grasp complex subjects quickly, revise important points easily,
and reinforce your understanding of key concepts. The study notes are presented in a concise and easy-to-understand manner,
allowing you to optimize your learning process. Whether you're looking for best-recommended books, sample papers, study material,
or toppers' notes, this PDF has got you covered. Download the Trial Balance (Part - 1) now and kickstart your journey towards success in the Commerce exam.
Importance of Trial Balance (Part - 1)
The importance of Trial Balance (Part - 1) cannot be overstated, especially for Commerce aspirants.
This document holds the key to success in the Commerce exam.
It offers a detailed understanding of the concept, providing invaluable insights into the topic.
By knowing the concepts well in advance, students can plan their preparation effectively.
Utilize this indispensable guide for a well-rounded preparation and achieve your desired results.
Trial Balance (Part - 1) Notes
Trial Balance (Part - 1) Notes offer in-depth insights into the specific topic to help you master it with ease.
This comprehensive document covers all aspects related to Trial Balance (Part - 1).
It includes detailed information about the exam syllabus, recommended books, and study materials for a well-rounded preparation.
Practice papers and question papers enable you to assess your progress effectively.
Additionally, the paper analysis provides valuable tips for tackling the exam strategically.
Access to Toppers' notes gives you an edge in understanding complex concepts.
Whether you're a beginner or aiming for advanced proficiency, Trial Balance (Part - 1) Notes on EduRev are your ultimate resource for success.
Trial Balance (Part - 1) Commerce Questions
The "Trial Balance (Part - 1) Commerce Questions" guide is a valuable resource for all aspiring students preparing for the
Commerce exam. It focuses on providing a wide range of practice questions to help students gauge
their understanding of the exam topics. These questions cover the entire syllabus, ensuring comprehensive preparation.
The guide includes previous years' question papers for students to familiarize themselves with the exam's format and difficulty level.
Additionally, it offers subject-specific question banks, allowing students to focus on weak areas and improve their performance.
Study Trial Balance (Part - 1) on the App
Students of Commerce can study Trial Balance (Part - 1) alongwith tests & analysis from the EduRev app,
which will help them while preparing for their exam. Apart from the Trial Balance (Part - 1),
students can also utilize the EduRev App for other study materials such as previous year question papers, syllabus, important questions, etc.
The EduRev App will make your learning easier as you can access it from anywhere you want.
The content of Trial Balance (Part - 1) is prepared as per the latest Commerce syllabus.
|
© EduRev
|
Education Revolution
|
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup