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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 | ||
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