How to prepare trial balance by using balances method for the given data?

Banking & FinanceFinance ManagementGrowth & Empowerment

Refer the data given below −

Name of accountAmount (in rupees)Name of accountAmount (in rupees)
Cash in hand
18500
Supplies
2500
Accounts receivable
5500
Revenue fee
18000
Accounts payable
2000
Note payable
8500
Revenue (unearned)
1500
Common stock
9000
Furniture and fitting
5000
Machinery
7500

Solution

Given below is the trial balance by using balances method −

     ABC ltd      
28/02/2001
Sr.NoAccount titleLedger folioBalance
debitCredit
1Cash 18500 
2Supplies 2500 
3Account receivables 5500 
4Revenue (Fee)  18000
5Account Payable  2000
6Note payable  8500
7Unearned revenue  1500
8Common stock  9000
9Furniture and fitting 5000 
10Machinery 7500 
Total39003900


raja
Published on 09-Jul-2021 14:02:17
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