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Identify the errors and prepare the corrected trail balance.
<table class="table table-bordered"><thead><tr><th>Sl. No</th><th>Accounts</th><th>Ref</th><th>Debit</th><th>Credit</th></tr></thead><tbody><tr><td>1</td><td>Owners’ equity</td><td><br></td><td><br></td><td>1800</td></tr><tr><td>2</td><td>Owners’ drawings</td><td><br></td><td>600</td><td><br></td></tr><tr><td>3</td><td>Equipment’s</td><td><br></td><td>3500</td><td><br></td></tr><tr><td>4</td><td>Sales</td><td><br></td><td><br></td><td>3400</td></tr><tr><td>5</td><td>Customers payment Dues</td><td><br></td><td><br></td><td>600</td></tr><tr><td>6</td><td>Purchases</td><td><br></td><td>1500</td><td><br></td></tr><tr><td>7</td><td>Purchases returned</td><td><br></td><td>500</td><td><br></td></tr><tr><td>8</td><td>Loan</td><td><br></td><td><br></td><td>970</td></tr><tr><td>9</td><td>Creditors</td><td><br></td><td>550</td><td><br></td></tr><tr><td>10</td><td>Taxes</td><td><br></td><td>620</td><td><br></td></tr><tr><td>11</td><td>Cash in hand</td><td><br></td><td>450</td><td><br></td></tr><tr><td>12</td><td>Note payable</td><td><br></td><td>823</td><td><br></td></tr><tr><td>13</td><td>Inventory</td><td><br></td><td><br></td><td>350</td></tr><tr><td>14</td><td>Repair</td><td><br></td><td>423</td><td><br></td></tr><tr><td colspan="3"><br></td><td>8966</td><td>7120</td></tr></tbody></table><h2>Solution</h2><p>The solution is as follows −</p><table class="table table-bordered"><thead><tr><th>Sl. No</th><th>Accounts</th><th>Ref</th><th>Debit</th><th>Credit</th></tr></thead><tbody><tr><td>1</td><td>Owners’ equity</td><td><br></td><td><br></td><td>1800</td></tr><tr><td>2</td><td>Owners’ drawings</td><td><br></td><td>600</td><td><br></td></tr><tr><td>3</td><td>Equipment’s</td><td><br></td><td>3500</td><td><br></td></tr><tr><td>4</td><td>Sales</td><td><br></td><td><br></td><td>3400</td></tr><tr><td>5</td><td>Customers payment Dues</td><td><br></td><td>600</td><td><br></td></tr><tr><td>6</td><td>Purchases</td><td><br></td><td>1500</td><td><br></td></tr><tr><td>7</td><td>Purchases returned</td><td><br></td><td><br></td><td>500</td></tr><tr><td>8</td><td>Loan</td><td><br></td><td><br></td><td>970</td></tr><tr><td>9</td><td>Creditors</td><td><br></td><td><br></td><td>550</td></tr><tr><td>10</td><td>Taxes</td><td><br></td><td>620</td><td><br></td></tr><tr><td>11</td><td>Cash in hand</td><td><br></td><td>450</td><td><br></td></tr><tr><td>12</td><td>Note payable</td><td><br></td><td><br></td><td>823</td></tr><tr><td>13</td><td>Inventory</td><td><br></td><td>350</td><td><br></td></tr><tr><td>14</td><td>Repair</td><td><br></td><td>423</td><td><br></td></tr><tr><td colspan="3">Total</td><td>8043</td><td>8043</td></tr></tbody></table>
Updated on 26-Sep-2020 12:51:36
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