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Prepare trial balance using total and balance method for the given data
Refer the data given below −
| Name of account | Amount (in rupees) | Name of account | Amount (in rupees) | ||
|---|---|---|---|---|---|
| Balances | Total(credit) | Total(debit) | |||
| Cash in hand | 10000 | 20000 | 10000 | Supplies | 3000 |
| Accounts receivable | 17500 | Revenue fee | 20000 | ||
| Accounts payable | 1000 | 2000 | 1000 | Note payable | 5000 |
| Revenue (unearned) | 800 | Common stock | 7000 | ||
| Furniture and fitting | 3500 | Machinery | 4000 | ||
Solution
The trial balance prepared by using total and balance method is given below -
| Title DD/MM/YYYY | ||||||
|---|---|---|---|---|---|---|
| Sl.No | Particulars | Ledger folio | Totals | Balances | ||
| debit | Credit | debit | Credit | |||
| 1 | Cash | 20000 | 11000 | 9000 | ||
| 2 | Supplies | 3000 | 3000 | |||
| 3 | Accounts receivable | 8000 | 8000 | |||
| 4 | Revenue (Fee) | 10000 | 10000 | |||
| 5 | Account payable | 5000 | 15000 | 10000 | ||
| 6 | Note payable | 2500 | 2500 | |||
| 7 | Revenue (unearned) | 1000 | 1000 | |||
| 8 | Common stock | 3500 | 3500 | |||
| 9 | Furniture and fitting | 3000 | 3000 | |||
| 10 | Machinery | 4000 | 4000 | |||
| Total | 43000 | 43000 | 27000 | 27000 | ||
Updated on: 12-Jul-2021
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