Trial balance practice questions

Trial balance practice questions

Example 1

Prepare Trial Balance for the following Balances as on 31st March 2021:

Non-Current Assets $55000  Current Assets $25000
Non-Current Liabilities $26000  Current Liabilities $16000
Capital $50000  Drawings$20000
Opening Inventory $7000  Purchase $25000
Wages$5000  Factory Expenses$ 6000
Selling Expenses$4000  Advertisement Expenses$8000
Sales$65000  Discount received$1000
Discount Allowed$800 Baddebts$ 200
Answer: Total of Trial Balance$154000

Example 2

Prepare Trial Balance for the following Balances of peter as on 31st March 2021:

Premises $25000  Plant&Machinery $30000
Trade Receivable $15000 Cash at Bank $6000
Vehicles$4000 Loan from ABC Bank $16000
Trade Payable $10000 Capital $66000
Drawings$12000 Computer $8000
Opening Inventory $5000 Purchase $27000
Wages$2000   salary$3000
Factory Expenses$ 5000 Carriage Inwards$ 6000
Selling Expenses$4000 Advertisement Expenses$8000
Sales$65000 Discount received$1000
Discount Allowed$800 Baddebts$ 200
Answer: Total of Trial Balance$154000

Trial balance practice questions

Example 3

Prepare Trial Balance for the following Balances of M/s JJ as on 31st March 2021:

Goodwill $7480  Purchases $29570
Opening Inventory $3000  Discount received $100
Capital $25000  Discount allowed $95
Furniture $3300  Sales $33535
Sundry creditors $7500  Rent $7250
Printing charges $150  Sundry expenses $2100
Loan from TTK Bank $12000  Bills receivable $5250
Freight $350  Carriage outwards $150
Household Expenses$950  Insurance $120
Machinery $21540  Bills payable $3170
Answer: Total of Trial Balance$81305

Example 4

Prepare Trial Balance for the following Balances of ABC Traders as on 31st March 2021:

Capital $52330  Machinery $15880
Cash in hand $600 Sundry Debtors $4800

Building $32000 Repairs $540
Opening Stock $3300 Insurance premium $330

Sundry creditors $2600 Sales $29000
Commission paid $75 Prepaid Expenses $300

Telephone charges $645 Rent & Taxes $630
Furniture $1100 Purchases $16500

Discount earned$110 Salaries $7060
Loan from Max $5100
Discount allowed $65
Reserve fund $5900 Drawings $500
Bills receivable $860
Bad debts $135
Bills payable $600 Advance Income $300
Answer: Total of Trial Balance$ 90630

Trial balance practice questions

Example 5

Prepare Trial Balance for the following Balances of PQR Traders as on 31st March 2021:

Capital $24900 Drawings $2400
General expenses $700 Building $16800

Machinery $11868 Opening Inventory $13240
Wages $1440 Insurance $261

Bad debts $110 Creditors $500
Sales $33072 Loan (Cr.) $7500
Commission paid $550
Purchases $21080
Bills payable $770 Reserve Fund $1500
Bank overdraft $2860 
Cash in hand $2532
Discount allowed $121 

Answer: Total of Trial Balance$71102

Example 6

Prepare Trial Balance for the following Balances of PQR Traders as on 31st March 2021:

Premises $85000
Plant&Machinery$45000
Furniture and Fitting$30000
Vehicles$52000
Computer$18000
Goodwill$40000
Opening Inventory$15000
Trade Receivable $25000
Bank$12000
Cash In Hand $8000
Loan From ABC Bank$90000
Trade payable $30000
Outstanding Expenses$15000
Capital $150000
Drawings$15000
purchase $ 80000
Wages$4,000
Factory Expenses$6000
Office Expenses$5000
Selling and Distribution$4000
Rent tax and Insurance$1000
Sales $160000

Answer: Total of  Balance Sheet $445000

Trial balance practice questions

Example 7

From the following balances extracted from the books of a trader, prepare Trial Balance as on 31st March 2021.
Cash in hand $420
Cash at Bank $1680
Bills Receivable $1800
Bills payable $1600
Sundry debtors $2460
Sundry creditors $3240
Capital $5000
Drawings  $1800
Sales $1,0500
Purchases $7500
Carriage Inward $270
Salaries $1200
Advertisement $240
Insurance $160
Furniture $750
Stock $1860
Office Rent $200
Answer: Total of  Balance Sheet $20340

Example 8

From the following balances extracted from the books of a trader, prepare Trial Balance as on 31st March 2021.

Capital $75000
Sales $25000
Purchases $25000
Furniture $15000
Rent $200
Wages $1000
Cash in hand $7000
Premises $50000
Trade Receivable$20000

Trade Payable$18000
Loan from bank $2200

Answer: Total of  Balance Sheet $120200
Note-
In the above example we see that the totals of the two columns of the Trial Balance do
not tally. The credit side is more than that of the debit side by $2000. It is to make the two columns of the trial balance equal, suspense A/c is written in the column against it is written the amount of $2000 in the debit column. As soon as errors are detected and rectified, this suspense A/c will show no balance.

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