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Trial Balance: Short Answer Question (Problems and Answers)

Arjun EP

Published on: November 2, 2020

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Short answer question of trial balance

Short answer questions are the best collection of short answer type questions of trial balance.

Questions are set to understand basic concept of the chapter.

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

MC Traders has following extracted ledgers as on 31^st December:

Purchase	295,000	Fixed assets	300,000
Capital	250,000	Debtors	40,000
Carriage	20,000	Creditors	50,000
Sales	400,000	Insurance	10,000
Stationery	5,000	Salary	30,000

[Answer: TB = 700,000]

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

PROBLEM: 2

MC Traders has following extracted ledgers as on 31^st December:

Purchase	200,000	Sales revenue	300,000
Fixed assets	450,000	Bank overdraft	15,000
Communication bill paid	15,000	Office expenses	50,000
Sundry debtors	80,000	Advertisement	7,500
Capital	500,000	Prepaid insurance	12,500

[Answer: TB = 815,000]

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

PROBLEM: 3

EP Enterprises has following extracted ledgers as on 31^st December:

Beginning inventory	40,000	Cash	36,000
Inventory purchase	200,000	Account receivable	50,000
Owner’s equity	100,000	Loan	50,000
Inventory sold	300,000	Account payable	30,000
Salaries	50,000	Equipment	100,000
Accrued income	24,000	Sundry income	20,000

[Answer: TB 500,000]

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

PROBLEM: 4

MK Audit Firm has following extracted ledgers as on 31^st December:

Administration expenses	295,000	Equipment	300,000
Telephone and internet expenses	20,000	Investment	90,000
Office supplies	5,000	Bank balance	10,000
Account payable	50,000	Owner’s equity	250,000
Interest on investment	4,750	Service revenue	445,250
Account receivable	30,000

[Answer: TB = 750,000]

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

PROBLEM: 5

Sharma Grill House has following balances of ledgers on second quarter of 2020:

Purchase	295,000	Owner’s equity	250,000
Factory expenses	20,000	Preliminary expenses	50,000
Sales	350,000	Debtors	40,000
Salary	30,000	Sundry receipt	50,000
Fixed assets	250,000	Prepaid rent	10,000
Creditors	50,000	Carriage outward	5,000

[Answer: TB = 700,000]

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

PROBLEM: 6

Following accounts balances are given to you Manisha Traders:

Name of ledgers	Amount		Name of ledgers	Amount
Capital	1,00,000		Rent paid	20,000
Purchase	50,000		Furniture	10,000
Sales revenue	1,30,000		Carriage outward	5,000
Opening stock	10,000		Debtors	20,000
Wages	15,000		Plant and machinery	1,50,000
Creditors	20,000		Bank loan	30,000

Required: Trial balance

[Answer: Trial balance = Rs 2,80,000]

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

PROBLEM: 7

Following accounts balances are given to you Binisha Suppliers:

Name of ledgers	Amount		Name of ledgers	Amount
Purchase	2,00,000		Rent received	70,000
Sales return	15,000		Land and building	4,00,000
Sales revenue	5,00,000		Account receivable	50,000
Goodwill	50,000		Plant and machinery	2,80,000
Salaries	60,000		Account payable	90,000
Prepaid insurance	10,000		Capital	4,05,000

Required: Trial balance

[Answer: Trial balance = 10,65,000]

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

PROBLEM: 8

Metro Company Ltd has following extracted ledger balance for the first quarter of 2020:

Equity shares capital	150,000	Opening stock	40,000
Administration expenses	70,000	Purchase	180,000
Sales	350,000	Account receivable	150,000
Prepaid insurance	5,000	Fixed assets	100,000
Sinking fund	34,500	Cash and bank	36,000
Selling expenses	19,000	Commission received	30,000
Account payable	20,000	Rent payable	15,500

[Answer: TB = 600,000]

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

PROBLEM: 9

SVS Traders has following extracted ledger balance for the third quarter of 2020:

Fixed assets	250,000	Advance income	6,755
Owner’s equity	255,000	Sundry office expenses	8,940
Sales revenue	756,780	Bad debt recovered	1,465
Reserve fund	25,475	10% Investment	25,550
Merchandise purchase	285,950	Gain on sales of investment	580
Accumulated depreciation	50,000	Selling expenses	17,890
Administration expenses	27,670	Bank overdraft	481,750

[Answer: TB = Rs 896,055]

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

PROBLEM: 10

EP Company Ltd has following extracted ledger balance for the third quarter of 2020:

Equity shares capital	275,000	Sublet rent received	12,580
Fixed assets	340,000	Office expenses	75,800
Service revenue	535,845	Unearned income	7,453
Depreciation	60,000	Advertisement	8,570
Rent payable	5,892	Bad debt recovered	2,150
Book debts	65,400	Cash and bank	296,615
Gain on sales of fixed assets	6,570	Sundry income	895

[Answer: TB = 846,385]

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