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


Updated on: 2021-07-09T14:02:17+05:30

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