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Question
Prepare a trial balance with the following information:
| Name of the account | ₹ | Name of the account | ₹ |
| Purchases | 1,00,000 | Sales | 1,50,000 |
| Bank Loan | 75,000 | Creditors | 50,000 |
| Debtors | 1,50,000 | Cash | 90,000 |
| Stock | 35,000 | Capital | 1,00,000 |
Solution
Trial balance
| S. No. | Name of the account | L.F. | Debit balance ₹ |
Credit balance ₹ |
| 1. | Purchases | 1,00,000 | ||
| 2. | Bank Loan | 75,000 | ||
| 3 | Debtors | 1,50,000 | ||
| 4. | Stock | 35,000 | ||
| 5. | Sales | 1,50,000 | ||
| 6. | Creditors | 50,000 | ||
| 7. | Cash | 90,000 | ||
| 8. | Capital | 1,00,000 | ||
| Total | 3,75,000 | 3,75,000 |
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Answer in one sentence only
What is Trial Balance?
Write the word, term, phrase, which can substitute the statement.
A Trial Balance in which only net balances of all ledger accounts are transferred.
State whether the following statements are ‘True or False’ with reasons.
Trial balance is based on the double entry principle that for every debit there is equal amount of corresponding credit.
State whether the following statement is ‘True or False’ with reasons.
Agreement of Trial Balance always proves accounting accuracy.
After the preparation of ledger, the next step is the preparation of ____________.
The account which has a debit balance and is shown in the debit column of the trial balance is ____________.
Trial balance is prepared ____________.
What are the methods of preparing trial balance?
