Identify the errors and prepare the corrected trail balance.



Sl. No Accounts Ref Debit Credit
1 Owners’ equity

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

3400
5 Customers payment Dues

600
6 Purchases
1500
7 Purchases returned
500
8 Loan

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

350
14 Repair
423

8966 7120

Solution

The solution is as follows −

Sl. No Accounts Ref Debit Credit
1 Owners’ equity

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

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

500
8 Loan

970
9 Creditors

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

823
13 Inventory
350
14 Repair
423
Total 8043 8043
Updated on: 2020-09-26T12:51:36+05:30

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