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. Credit side is more than that of 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.

30 transactions with their Journal Entries, Ledger, Trial balance and Final Accounts- Project

Commission received journal entry

Outstanding Salary Journal Entry

Cash Sales Journal Entry

10 Balance Sheet Questions for Practice 

Bad Debts Recovered Journal entry

 

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