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How to prepare trial balance by using balances method for the given data?
Refer the data given below −
| Name of account | Amount (in rupees) | Name of account | Amount (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.No | Account title | Ledger folio | Balance | |
| debit | Credit | |||
| 1 | Cash | 18500 | ||
| 2 | Supplies | 2500 | ||
| 3 | Account receivables | 5500 | ||
| 4 | Revenue (Fee) | 18000 | ||
| 5 | Account Payable | 2000 | ||
| 6 | Note payable | 8500 | ||
| 7 | Unearned revenue | 1500 | ||
| 8 | Common stock | 9000 | ||
| 9 | Furniture and fitting | 5000 | ||
| 10 | Machinery | 7500 | ||
| Total | 3900 | 3900 | ||
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