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Prepare trial balance by using totals method for the given data
Refer the data given below −
| Name of account | Amount (in rupees) | Name of account | Amount (in rupees) |
|---|---|---|---|
| Cash (debit) | 25000 | Supplies | 1600 |
| Accounts receivable | 7000 | Revenue fee | 15500 |
| Accounts payable (debit) | 5600 | Note payable | 8200 |
| Revenue (unearned) | 4400 | Common stock | 10500 |
| Furniture and fitting | 3500 | Machinery | 6000 |
| Cash (Credit) | 6500 | Account payable (credit) | 3600 |
Solution
Given below is the trial balance by using totals method −
| ABC ltd 28/02/2001 | ||||
|---|---|---|---|---|
| Sl.No | Name of Account | Ledger folio | Balance | |
| debit | Credit | |||
| 1 | Cash | 25000 | 6500 | |
| 2 | Supplies | 1600 | ||
| 3 | Accounts receivables | 7000 | ||
| 4 | Revenue (Fee) | 15500 | ||
| 5 | Account payable | 5600 | 3600 | |
| 6 | Note payable | 8200 | ||
| 7 | Unearned revenue | 4400 | ||
| 8 | Common stock | 10500 | ||
| 9 | Furniture and fitting | 3500 | ||
| 10 | Machinery | 6000 | ||
| Total | 48700 | 48700 | ||
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