Identify the errors and prepare the corrected trail balance.

Banking & FinanceFinance ManagementGrowth & Empowerment

Sl. NoAccountsRefDebitCredit
1Owners’ equity

1800
2Owners’ drawings
600
3Equipment’s
3500
4Sales

3400
5Customers payment Dues

600
6Purchases
1500
7Purchases returned
500
8Loan

970
9Creditors
550
10Taxes
620
11Cash in hand
450
12Note payable
823
13Inventory

350
14Repair
423

89667120

Solution

The solution is as follows −

Sl. NoAccountsRefDebitCredit
1Owners’ equity

1800
2Owners’ drawings
600
3Equipment’s
3500
4Sales

3400
5Customers payment Dues
600
6Purchases
1500
7Purchases returned

500
8Loan

970
9Creditors

550
10Taxes
620
11Cash in hand
450
12Note payable

823
13Inventory
350
14Repair
423
Total80438043
raja
Published on 26-Sep-2020 12:51:03
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