Adjusted Trial Balance Exam Based Problems and Answers

   

Exam based problems and questions are the BEST collection of problems for sure shot success in the examination. These are based on board exam.

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EXAM  BASED  PROBLEMS  AND  ANSWERS

 

Here, Amount = Rs = $ = £ = € = ₹ = Af = ৳ = Nu = Rf = රු = 

 

PROBLEM: 1

An unadjusted trial balance of AK Traders is given below: 

Particulars	Amount Dr	Amount Dr
Capital Salary Wages Machinery Furniture Opening stock Debtors Creditors	– 50,000 20,000 100,000 20,000 30,000 10,000	200,000             30,000
Total	230,000	230,000

Additional information:

a.     Outstanding wages Rs 5,000.

b.    Depreciation on machinery and furniture @ 10% each.

c.     Prepaid salary is Rs 4,000.

Required: (1) Journal entry; (2) Adjusted trial balance

[Answer: Adjustment = 21,000; Adjusted trial balance = 235,000]

PROBLEM: 2

Given below is the unadjusted trial balance of AL Business Concern: 

Particulars	Amount Dr	Amount Cr
Capital Purchases Sales Fixed assets Sundry expenses Cash in hand Creditors	– 50,000 – 125,000 30,000 5,000 –	100,000 – 90,000 – – – 20,000
Total	210,000	210,000

Additional information:

a.     Depreciation fixed assets 10%

b.    Outstanding expense Rs 1,000.

c.     Goods loss by fire 5,000.

d.    Closing stock valued Rs 20,000.

Required: (1) Journal entry; (2) Adjusted trial balance

[Answer: Adjustment = 38,500; Adjusted trial balance = 231,000]

PROBLEM: 3

Given below is the unadjusted trial balance of BL Business Concern: 

Particulars	Amount Dr	Amount Cr
10% Investment Furniture Salary and wages Debtors Purchase Sales Capital Bank Miscellaneous  income	3,00,000 60,000 2,60,000 80,000 8,00,000 − − 4,00,000 −	− − − − − 11,00,000 5,00,000 − 1,00,000
Total	17,00,000	17,00,000

Additional information:

a.     Outstanding wages Rs 10,000.

b.    Provide depreciation on furniture at 10%.

c.     Interest on capital to be adjusted Rs 50,000.

Required: (1) Journal entry; (2) Adjusted trial balance

[Answer: Adjustment = 96,000; Adjusted trial balance = 17,90,000]

PROBLEM: 4

Given below is the unadjusted trial balance of AD Business Concern: 

Particulars	Debit	Particulars	Credit
Equipment Debtors Inventory Purchase Salary and allowance Miscellaneous expenses	10,00,000 1,50,000 1,00,000 8,00,000 2,50,000 1,10,000	Sales Loan Capital	12,10,000 4,00,000 8,00,000
	24,10,000		24,10,000

Additional information:

a.     Depreciate equipment at 5%.

b.    Interest on loan outstanding Rs 20,000.

c.     Bad debts Rs 10,000 and provision for bad debts maintained 5%

Required: (1) Journal entry; (2) Adjusted trial balance

[Answer: Adjustment = 87,000; Adjusted trial balance = 24,30,000]

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PROBLEM: 5

An unadjusted trial balance of Top Company is as given below: 

Particulars	Amount Dr	Amount Cr
Capital Sales Purchased Purchase return Sales return Plant and machinery Wages Debtors Creditors Salaries Land Cast at bank Insurance	– – 150,000 – 20,000 130,000 70,000 30,000 – 90,000 120,000 73,000 7,000	200,000 300,000 – 10,000 – – – – 180,000 – – – –
Total	690,000	690,000

Additional information:

a.     Outstanding wages Rs 10,000.

b.    Depreciation on plant machinery 5%.

c.     Appreciate land by Rs 80,000.

d.    Prepaid insurance Rs 2,000.

Required: (1) Journal entry; (2) Adjusted trial balance

[Answer: Adjustment = 98,500; Adjusted trial balance = 780,000]

PROBLEM: 6

An unadjusted trial balance of AQ Trading Concern is as given below: 

Particulars	Amount Dr	Amount Dr
Bank Purchased Debtors Furniture Salary Rent Sales Capital Creditors	20,000 46,000 22,000 50,000 40,000 12,000 – – –	– – – – – – 90,000 60,000 40,000
Total	190,000	190,000

Additional information:

a.     Salary to be paid Rs 3,000.

b.    Depreciation on furniture provided at 10%.

c.     Advance rent Rs 2,000.        

d.    Provision for bad and doubtful debts 5%.

Required: (1) Journal entry; (2) Adjusted trial balance

[Answer: Adjustment = 11,100; Adjusted trial balance = 193,000]

PROBLEM: 7

An unadjusted trial balance of Karim Trading Concern is as given below: 

Particulars	Amount Dr	Cr Rs
Capital Purchase Sales Machinery Furniture Wages paid Creditors Debtors Salaries Bank balance	− 3,00,000 − 1,50,000 30,000 50,000 − 40,000 80,000 2,00,000	2,00,000 − 5,00,000 − − − 1,50,000
Total	8,50,000	8,50,000

Additional information:

a.     Salary payable Rs 20,000.

b.    Advance wages paid Rs 1,000.

c.     Depreciation on machinery 10% and furniture 5%

Required: (1) Journal entry; (2) Adjusted trial balance

[Answer: Adjustment = 37,500; Adjusted trial balance = 870,000]

PROBLEM: 8

Given below is the unadjusted Trial Balance of BSK Business Concern: 

Particulars	Amount Dr	Amount Cr
Capital Creditors Sales Furniture Debtors Bank balance Salary Rent Purchases	– – – 30,000 25,000 40,000 30,000 7,000 68,000	80,000 20,000 100,000 – – – – – –
Total	200,000	200,000

Additional information:

a.     Salary paid in advance Rs 2,000.

b.    Depreciate furniture 10%.

c.     Provide for bad 2,000.

d.    Discount 2% on creditor to be maintained.

Required: (1) Journal entry; (2) Adjusted trial balance

[Answer: Adjustment = 7,400; Adjusted trial balance = 200,000]

PROBLEM: 9

Given below is the unadjusted trial balance of USA Importer: 

Particulars	Amount Dr	Amount Cr
Capital Purchase Creditors Fixed assets Sundry expenses Debtors Cash in hand Sales	− 100,000 − 170,000 70,000 30,000 30,000 −	200,000 − 80,000 − − − − 120,000
Total	400,000	400,000

Additional information:

a.     Depreciation has to be charged 10% on fixed assets

b.    Make a provision for doubtful debts @ 2%.

c.     Outstanding sundry expenses Rs 2,000.

d.    Goods lost by fire worth Rs 10,000 but Insurance Company accepted full claim.

Required: (1) Journal entry; (2) Adjusted trial balance

[Answer: Adjustment = 29,600; Adjusted trial balance = 402,000]

 

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