Trial Balance: Long Answer Question (Problems and Answers)

Arjun EP

Published on: November 2, 2020

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Long answer questions of trial balance

Long answer questions are the best collection of long answer type and analytical problems.

Questions are set to understand entire chapter of trial balance.

Students and learners are suggested to solve first brief answer type questions; then solve short answer questions; then long answer type questions.

First, starts to study and practice from beginning of the chapter; after that, if you feel something is confusion you should comment on comment box without any hesitation

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PROBLEMS AND ANSWERS

Here, Amount = Rs = $ = £ = € = ₹ = Af = ৳ = Nu = Rf = රු = Currency of your country

PROBLEM: 1

Prathit Trading Concern has following extracted ledger balance for the year 2020:

Plant and machinery	96,000	Provision for bad debts	1,500
Cash	10,600	Capital	1,15,000
Sundry debtors	1,10,500	Income tax	160
Stock	28,800	Insurance	1,500
Sales	2,75,000	Discount on sales	1,500
Discount on purchases	1,200	Repairs to plant	480
Wages and salary	9,600	Sundry creditors	7,000
Custom duty	1,500	Bills payable	4,700
Purchase	1,36,000	Travelling expenses	2,160
Returns inward	300	Drawings	1,500
Advances salary	3,800

[Answer: TB = 404,400]

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Click on link for YouTube videos:
Basic Journal Entries in Nepali	http://tiny.cc/uaakkz
Basic Journal Entries	http://tiny.cc/8aakkz
Journal Entry and Ledger	http://tiny.cc/caakkz
Ledger	http://tiny.cc/haakkz
Subsidiary Book	http://tiny.cc/399jkz
Cash Book	http://tiny.cc/889jkz
Trial Balance & Adjusted Trial Balance	http://tiny.cc/c59jkz
Final Accounts	http://tiny.cc/y89jkz
Government Accounting	http://tiny.cc/hcakkz
Goswara Voucher (Journal Voucher)	http://tiny.cc/hcakkz

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Here, Amount = Rs = $ = £ = € = ₹ = Af = ৳ = Nu = Rf = රු = Currency of your country

PROBLEM: 2

AK Traders has following extracted ledger balance for the year 2020:

Purchases	5,50,000	Discount	4,000
Opening stock	3,20,000	Advertisements	5,000
Carriage inward	6,000	Salaries	55,000
Sales	6,60,000	Purchase return	10,000
Carriage outward	8,000	Interest	4,000
Sales return	12,000	Bills receivable	8,000
Prepaid insurance	5,000	General expenses	5,000
Debtors	48,000	10% bank loan	80,000
Capital	4,00,000	Creditors	30,000
Wages	95,000	Furniture	20,000
Cash and bank	25,000	Rent	20,000

[Answer: TB = 11,90,000]

Here, Amount = Rs = $ = £ = € = ₹ = Af = ৳ = Nu = Rf = රු = Currency of your country

PROBLEM: 3

AS Trading Concern has following extracted ledger balance for the year 2020:

Furniture and fitting	7,000	Sales	155,000
Bills receivable	10,000	Return outward	2,000
Sundry debtors	78,000	Advance insurance	1,000
Cash in hand	5,000	Opening stock	38,000
Interest paid	3,000	Audit fees	1,000
Capital	600,000	Law charge	2,000
Commission received	9,000	Machinery	200,000
Wages	27,000	Bank overdraft	10,000
Goodwill	25,000	Creditors	25,000
Carriage outward	1,000	Drawing	13,000
Salaries	25,000	Purchase	62,000
Repairs	3,000	Land and building	300,000

[Answer: TB = 801,000]

Here, Amount = Rs = $ = £ = € = ₹ = Af = ৳ = Nu = Rf = රු = Currency of your country

PROBLEM: 4

EP Trading Concern has following extracted ledger balance for the year 2020:

Land	5,00,000	Overdraft	18,000
Plant and machinery	5,60,000	Bills payable	45,000
Cash	7,000	Insurance	15,000
Sundry debtors	1,04,000	Discount on sales	15,000
Stock	2,88,000	Drawings	15,000
Capital	9,00,000	Advance salary	40,000
Sales	10,00,000	Sundry creditors	1,00,000
Wages	1,00,000	Provision for bad debts	15,000
Railway charge	11,000	Discount on purchase	12,000
Purchase	4,00,000	Interest on overdraft	600
Return inward	3,000	Godown rent paid	10,000
Income tax	5,600	Travelling expenses	11,000
Repair to plant	4,800