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Trial Balance

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Financial and Management Accounting

Unit 6

Unit 6
Structure 6.1 Introduction Objectives 6.2 Meaning Self Assessment Questions 1 6.3 Objectives Self Assessment Questions 2 6.4 Methods of preparing trial balance: Total Method and Balance Method Self Assessment Questions 3 6.5 Preparation op Trial balance Self Assessment Questions 4 6.6 Errors and their rectification Self Assessment Questions 5 6.7 Errors disclosed by a Trial Balance Self Assessment Questions 6 6.8 Errors not disclosed by Trial Balance Self Assessment Questions 7 6.9 Steps to locate the errors 6.10 Trial Balance and adjustments Self Assessment Questions 8 Terminal Questions Answer to SAQs and TQs

Trial Balance

6.1 Introduction
Journal and ledger are the books containing the details of business transactions which have taken place during a particular period. The purpose of these records is preparation of final accounts – trading account, profit and loss account and balance sheet. Before attempting to prepare final accounts, a summary of the transactions, as depicted by ledger should be available in a form that is easy to classify the assets, liabilities, expenses and incomes. While expenses and incomes are used to prepare trading and profit and loss accounts, assets and liabilities are presented in the balance sheet. Trial Balance stands as a bridge between primary and secondary books on one hand and final statements of accounts on the other hand.

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Learning Objectives: After studying this unit, you should be able to understand the following 1. To know the meaning and format of trial balance. 2. To understand the objectives of preparing a trial balance 3. To know the guidelines to prepare a trial balance. 4. To identify and rectify the errors that can be disclosed by trial balance 5. To identify and rectify the errors that can not be disclosed by trial balance 6. To know the steps to locate the errors. 7. To prepare trial balance after incorporating adjustments.

6.2 Meaning
Trial Balance is a statement containing the various ledger balances on a particular date. It is used to verify the equality of debits and credits in the ledger. When the total of debit balances equals the total of credit balances, the ledger is said to be in balance. A trial balance is prepared as follows:
ST TRIAL BALANCE AS ON 31 MARCH, ­ ­ ­ ­

Particulars Cash account Capital account Purchases account Mohan account (creditor) Sales account Total Self Assessment Questions 1

Debit Rs. 1,20,000

Credit Rs. 1,00,000

40,000 20,000 40,000 1,60,000 1,60,000

1. The purpose of preparing journal and ledger accounts is to prepare __________. 2. The final accounts include _________, ____________ and ________. 3. Trial balance is regarded as a bridge between primary and secondary books and preparation of final accounts (True / False ). 4. Trial balance contains debit balances and credit balances. (True / False ) 5. If trial balance tallies, balance sheet also tallies. (True / false )

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6.3 Objectives
There are three objectives of preparing a trial balance. a) To check the arithmetic accuracy of entries made. In double entry, every debit has an equivalent credit. Even in General Journal, we have seen that the total of debits equals the total of credits. Similarly, if the debits and credits tally in a trial balance, it indicates that the books of account are arithmetically accurate. If the two sides do not tally, it is sure that errors have crept in. b) Basis for financial statements. As stated earlier, trial balance is a bridge between ledger and final statements. It is only through trial balance, trading account, profit and loss account and balance sheet are prepared. If trial balance tallies, it means that the final statements should invariably tally. c) It is a summarised ledger. The position of a ledger account be judged simply by looking at the trial balance. It is because, all ledger accounts, after being balanced, are grouped as those showing debit and those showing credit balances. They must be equal in value.

Self Assessment Questions 2 1. Trial balance checks the arithmetic accuracy of debits and credits ( True / False) 2. Trial balance is a summary of ledger accounts. So, if ledger accounts are properly prepared and balanced, trial balance tallies ( True / False).

6.4 Methods of preparing Trial Balance
Totals method and Balance method are the two techniques of preparing trial balance. In the first method, the totals of debits and credits of every account are shown in the trial balance. For instance, a cash account shows Rs.45000 as debit total (Receipts) and Rs35000 as credit total (Payments). Both these totals are carried to trial balance. The same logic is applied for all other accounts. Then also the trial balance tallies In the second method, instead of transferring the totals of both debit and credit, the net balance Rs.10000 (45000 – 35000) is shown on the debit side of trial balance. Same principle is adopted for all other accounts. The trial balance tallies. In the former method, more details can be understood but it is cumbersome. The second method gives the gist of the account and second method is popular. Self Assessment Questions 3 1. Trial Balance is prepared either under total method or balance method ( True / False). 2. Which method is popular ?
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3. What ever be the method of preparing trial balance, debit total should be equal to total of credit (True / False ).

6.5 Preparation of Trial Balance
A trial balance can be prepared just as an account having debit side and credit side. It can also be prepared by enlisting all ledger accounts one below the other and showing their respective debit or credit balances on separate columns. Both methods are equally prevalent. However, the following steps should be followed to prepare a Trial Balance. a) Prepare the ledger accounts b) Balance them at the end of accounting period c) Group all accounts showing debit balance and show them of left hand side of trial balance d) Group all those accounts showing credit balance and show them on the right hand side of trial balance. e) Total the debits and credits and they must be equal, what ever be the method of preparing the trial balance. Self Assessment Questions 4 1. How do you prepare trial balance ? 2. If total of debits and credits do not tally, do you suspect any errors ? Illustration: st The following are the ledger accounts of Mr. X as on 31 December, 1998. Prepare a trial

balance. Dr. Date 1­4­04 2­4—04 16­4­04 26­4­04 Particulars To balance b/d To Sales To Mohan To Sales Cash Account Amount Rs. Date Particulars By Cash By Kumar By Purchases By creditors By Furniture By Wages By Printing By Comm 30­4­04 By Electricity By Telephone Cr. Amount Rs. 5,000 29,000 50,000 20,000 5,000 500 1,000 2,000 500 1,000

50,000 6­4­04 45,000 10­4­04 35,000 14­4­04 10,000 18­4­04 20­4­04 22­4­04

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By salaries By balance c/d 1,40,000 1­5­04 To balance b/d 22,000 Building Account Date 1­4­04 1­5­04 Particulars To balance b/d Amount Date Rs. 2,00,000 30­4­04 Particulars By balance c/d

4,000 22,000 1,40,000

Amount Rs. 2,00,000

To balance b/d 2,00,000 Furniture Account

Date 1­4­04 20­4­04 1­5­04

Particulars To balance b/d To Cash

Amount Date Rs. 10,000 5,000 30­4­04 15,000

Particulars

Amount Rs.

By balance c/d

15,000 15,000

To balance b/d 15,000 Bank Fixed Deposit Account Particulars To balance b/d To Interest Amount Rs. 1,00,000 7,000 30­4­04 1,07,000 By balance c/d 1,07,000 1,07,000 Date Particulars Amount Rs.

Date 1­4­04 12­4­04 1­5­04

To balance b/d 1,07,000 Stock Account

Date 1­4­04 1­5­04

Particulars To balance b/d

Amount Rs. 25,000

Date 30­4­04

Particulars By balance c/d

Amount Rs. 25,000

To balance b/d 25,000 Creditor’s Account

Date 18­4­04 30­4­04

Particulars To Cash To balance c/d

Amount Rs. 20,000 15,000

Date 1­4­04

Particulars By balance b/d

Amount Rs. 35,000

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35,000 1­5­04 By balance b/d 15,000 Capital Account Date 30­4­04 Particulars To balance c/d Amount Rs. 3,50,000 35,000 1­5­04 By balance b/d 3,50,000 Purchases Account Date 4­4­04 14­4­04 Particulars To Kumar To Cash To Sarin Amount Rs, 30,000 50,000 15,000 95,000 1­5­04 To balance b/d 95,000 Sales Account Date 30­4­04 Particulars To balance c/d Amount Rs. 95,000 Date 2­4­04 8­4­04 26­4­04 95,000 1­5­04 By balance b/d 95,000 Kumar Account Date 10­4­04 Particulars To Cash To discount Amount Rs. 29,000 1,000 30,000 Date 4­4­04 Particulars By Purchases Particulars By Cash By Mohan By Cash Date 30­4­04 Particulars By balance c/d Date 1­4­04 Particulars By balance b/d

35,000

Amount Rs. 3,50,000 3,50,000

Amount Rs. 95,000

95,000

Amount Rs. 45,000 40,000 10,000 95,000

Amount Rs. 30,000 30,000

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Repairs Account Date 6­4­04 1­5­04 Particulars To Cash Amount Rs. 5,000 5,000 To balance b/d 5,000 Mohan Account Date 8­4­04 Particulars To sales Amount Rs. 40,000 40,000 1­5­04 To balance b/d 5,000 Discount Received Account Date 30­4­04 Particulars To balance c/d Amount Rs. 1,000 1,000 1­5­04 By balance b/d 1,000 Interest on Fixed Deposit Account Date 30­4­04 Particulars To balance c/d Amount Rs. 7,000 7,000 1­5­04 By balance b/d 7,000 Wages Account Date 22­4­04 1­5­04 Particulars To Cash Amount Rs. 500 500 To balance b/d 500 Date 30­4­04 Particulars By balance c/d Amount Rs. 500 500 Date 12­4­04 Particulars By Bank FD Amount Rs. 7,000 7,000 Date 10­4­04 Particulars By Kumar Amount Rs. 1,000 1,000 Date Particulars Amount Rs. 35,000 5,000 40,000 Date Particulars Amount Rs. 5,000 5,000

30­4­04 By balance c/d

16­4­04 By Cash 30­4­04 By balance c/d

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Printing Account Date 22­4­04 1­5­04 Particulars To Cash Amount Rs. 1,000 1,000 To balance b/d 1,000 Commission Account Date 22­4­04 Particulars To Cash Amount Rs. 2,000 2,000 1­5­04 To balance b/d 2,000 Electricity Account Date 30­4­04 1­5­04 Particulars To Cash Amount Rs. 500 500 To balance b/d 500 Telephone Account Date 30­4­04 1­5­04 Particulars To Cash Amount Rs. 1,000 1,000 To balance b/d 1,000 Salaries Account Date 30­4­04 Particulars To Cash Amount Rs. 4,000 4,000 1­5­04 To balance b/d 4000 Sarin’s Account Date 30­4­04 Particulars To balance c/d Amount Rs. 15,000 Date 28­4­04 Particulars By Purchases Amount Rs. 15,000
93

Date 30­4­04

Particulars By balance c/d

Amount Rs. 1,000 1,000

Date 30­4­04

Particulars By balance c/d

Amount Rs. 2,000 2,000

Date 30­4­04

Particulars By balance c/d

Amount Rs. 500 500

Date 30­4­04

Particulars By balance c/d

Amount Rs. 1,000 1,000

Date

Particulars

Amount Rs. 4,000 4,000

30­4­04 By balance c/d

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15,000 1­5­04 To balance b/d 15,000

15,000

Solution
TH TRIAL BALANCE AS ON 30 APRIL, 2004

Debit balances Cash Building Furniture Bank FD Stock Purchases Repairs Mohan Wages Printing Commission Salaries Telephone Electricity Total

Amount Rs. 22,000 2,00,000 15,000 1,07,000 25,000 95,000 5,000 5,000 500 1,000 2,000 4,000 1,000 500 4,83,000

Credit balances Creditors Capital Sales Discount received Interest on FD Sarin

Amount Rs. 15,000 3,50,000 95,000 1,000 7,000 15,000

Total

4,83,000

6.6 Errors and their rectification
An error is unintentionally committed mistake. Trial Balance, if does not tally, is a clear indication that there are some errors committed. The errors may be committed at various stages – journalizing, posting, casting (totaling), balancing, transferring to trial balance and so on. Mere tallying the trial balance does not ensure error free statement. For example, if a transaction is completely omitted, the trial balance still tallies. But there is inherent error. Errors whether disclosed or not disclosed by trial balance, have to be corrected or rectified in order to obtain the correct picture of profit or loss. It should be remembered that errors will have their impact not only on profit but also on the asset and liability position of the business organization. Self Assessment Questions 5 1. Errors can be committed at all stages, commencing from journalizing, posting, costing, balancing, transferring the closing balances, etc. (True / False). 2. Errors of omission, error of principle and compensating errors are not disclosed by trial balance (True / False).
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3. Errors of costing, posting to wrong side of an account, wrong amount etc can be detected by trial balance (True / False).

6.7 Errors disclosed by Trial Balance
Those errors that can be disclosed by trial balance can easily be located. As soon as the trial balance does not tally, the accountant can proceed to find out the spots where the errors might have been committed. The total amount of difference in the trial balance is temporarily transferred to a ‘Suspense Account’ so that it can be mitigated as and when the errors get rectified. Therefore the suspense account gets debited or credited as the case may be for rectification of this type of errors. The following are the errors which are disclosed by trial balance: a) Posting a wrong amount: While posting an entry from subsidiary book to ledger, b) this mistake may happen. For example, Cash received from Rama Rs1150 is posted to Rama’s ledger account as Rs.1500, while it is correctly recorded in cash account. As a result of this error, trial balance does not tally. To rectify this Rama’s account should be debited by Rs350 (1500 – 1150) and credit should be given to suspense account. c) Posting to the wrong side of an account: This error is committed while posting entries from subsidiary books to ledger. For instance, Sales made to Krishna Rs5000 is transferred to credit side of Krishna’s account in the ledger. This error can be rectified by debiting Krishna’s account by Rs1000 and crediting suspense account. Note that the amount debited is double the actual amount. d) Wrong totaling: Both under casting and over casting are detected by trial balance. If any account is wrongly totaled, it gets reflected in the trial balance. To illustrate, purchases book total is Rs.5800. If it totaled as Rs.5700 or 5900, the difference will be shown in the trial balance. To rectify this, first find out what is the normal balance shown by the account wrongly totaled. If it is debit balance and it is under cast, the same account can be debited and credit is given to suspense account. If it is over cast, the respective account should be credited by the amount of difference and debit is given to suspense account. It is quite opposite in case the respective account is one which normally shows credit balance. e) Omitting to post an entry from subsidiary book to ledger: If an entry made in the subsidiary book does not get posted to ledger, the trial balance does not tally. For instance, rent paid Rs2000 recorded in cash account but is not posted to rent account at all. To rectify such error, the respective account should be debited or credited as the case may be and suspense account is credited or debited as the case may be.

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f) Omission of an account altogether from being shown in trial balance: For instance, advertisement account which shows a debit balance is completely omitted from trial balance. This can be rectified by bringing it to trial balance and suspense account can be credited and advertisement account is debited. g) Posting an amount to a correct account more than once: This results in imbalance in the trial balance. The concerned account which is posted twice should be cancelled and suspense account to be suitably debited or credited as the case may be. h) Posting an item to the same side of two different ledger accounts: If two accounts are debited /credited for the same transaction, this type of error occurs. For example, Furniture purchased should be debited to furniture account only. If it is posted to furniture account and purchases account, then the difference arises in the trial balance. To rectify this, the ledger account to which it is debited wrongly should be credited and suitably suspense account is debited. Self Assessment Questions 6 1. Suspense account is the difference between debit total and credit total of a trial balance. ( True / false ). 2. Suspense account is created temporarily and later, it is removed as and when errors are detected and suitable rectified ( True / False ). 3. if amount paid to Rama Rs 500 is credited to Ramanan accounts, what rectification entry should be made ? 4. Instead of putting Rs. 1500 to debit of wages account, Rs 15000 is recorded. What impact, it has an profit ? 5. How do you rectify the above error ? 6. Telephone expenses of Rs 2500 is entered in cost account but not posted to ledger. How do your rectify ? 7. Rs. 2116 interest paid an loan is posted to interest accounts once as Rs 2611 and second time as Rs. 2161. How do you rectify?

6.8 Errors not disclosed by Trial Balance
There are four errors regarded as those which do not affect trial balance and it is difficult to locate them. A brief description of the four errors is offered in the following paragraphs: a) Error of omission: Error of omission occurs when a transaction is completely omitted from the books of accounts. If purchase of goods from Jairam on credit is not recorded at all either

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in the general journal or in the purchases book, it is termed as error of omission. Since both aspects – debit and credit – of the transaction are missing, the trial balance is not affected at all. To rectify such errors, the transaction should be recorded when it is traced. b) Error of commission: If the error of wrong posting, wrong casting, wrong calculation etc., committed in the books of original entry or ledger, it is said to be error commission. For instance, purchase invoice of Rs.1730 may have been entered as Rs.1370 in the purchases book itself, then in the subsequent ledger accounts, the same mistake continues and thereby can not be disclosed by trial balance. The difference of Rs.360 (1730­1370) should be added to purchases account and to the respective supplier’s account. The error can be detected only when the original invoice is referred to after getting the complaint from the supplier. In the above example, purchases account is debited and the concerned supplier’s account is credited to rectify the error. Such errors have repercussion on the profit or loss of the organization. From the above example, additional purchases will have to be incorporated and to that extent the expenses will be increased or profit will be affected. c) Error of principle: While drawing journal entries, often error of principle is committed and this goes un noticed because it does not affect the total of trial balance. For instance, ‘wages’ paid to workers engaged in the construction of building of the organization, constitutes part of the cost of the building. So the wages paid should be debited to building account but not wages account. If the building account is debited, the value of the asset appears in the balance sheet and the expenditure is actually capitalized. In case the wages are treated as usual revenue expenditure, they are deducted from profit. The error here is wages account is debited and not building account. Therefore to rectify this, building account should be debited and wages account should be credited to erase. Similarly, treating incomes as liabilities, providing insufficient provision for bad and doubtful debts, inadequate depreciation against assets etc., come under errors of principle. They must be rectified by applying the correct principles of accountancy. d) Compensating errors: It is also called off­setting error. Compensating error is one which is counter balanced by another error. If the account of Mr. X is to be debited for Rs1000, but it is debited for Rs100 while the account of Mrs X account is to be debited Rs.100 but it is debited by Rs.1000, the first error is compensated by the second error and therefore the trial balance is not affected. This comes to light only at a later stage. To rectify the error, Mr. X account should be debited by Rs.900 where as Mrs. X account should be credited by Rs.900.

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Self Assessment Questions 7 1. If error of wrong posting, wrong costing, wrong calculation are committed in the books of original entry or secondary books, such errors are called ________. 2. Error of commission affects trial balance (True / False). 3. Furniture purchased for cash Rs 5000/­ is to recorded in journal. What type of error is this ? 4. Error of omission can be detected only after a careful review of ledger balances of previous years (True / False). 5. Error of principle affects the value of revenue and capital items (True / False). 6. It is very difficult to find out the compensating errors. (True / False).

6.9 Steps to locate the Errors
The following steps help to locate the errors. In spite of the efforts, if the difference in the trial balance persists, a suspense account may be created and subsequently the suspense account can be eliminated as and when the errors are located and rectification is made. i) Check both sides of the trial balance to ensure that mistake of totaling is not there. ii) Check the totals of debtors and creditors accounts iii) Find out whether all ledger balances are carried to trial balance iv) Verify the totals of all ledger accounts v) Divide the amount of difference in the trial balance by 2 and see if any item of the debit or credit side, equal to that amount has been posted to the opposite side. vi) Check whether the opening balances are brought down correctly from the previous accounting period vii) Make a comparison with trial balance of the previous year to find out if there are any items missing. viii) Where the difference in the trial balance is divisible by 9 then the difference is likely to be due to misplacement of figures like 12 for 21; 24 for 42;36 for 63 and so on.

6.10 Trial Balance and adjustments
When errors are located, they should be rectified. It is not a good practice nor does it have any legal sanction to erase the mistakes and re write the correct ones. Rectification entries are recorded in General journal or journal proper. The following illustrations are given to show how to rectify the different types of errors. Self Assessment Questions 8: 1. Summary of all ledger balances is called ______________________ .
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2. Trial balance is necessary to prepare _________________________ . 3. The broad two categories of errors are a)________________ b) ____________. 4. Is casting error of principle or error of commission? 5. Purchase of machinery is included in the purchases book. What type of error is it? 6. What is error of omission? Illustrate. 7. What are the errors that can not be disclosed by trial balance? 8. The sum of errors in accounting is transferred temporarily to _________ account. 9. In which journal do you make rectification entries? 10. State any four steps to locate errors. 11. If sales account is under cast by Rs.45, what is the rectification entry? 12. Returns inwards book is over cast by Rs9, write rectification entry. 13. salary paid to Gopal is debited to his personal account. What is the rectification entry to correct the error? 14. Discount received Rs50 is transferred to the debit side of discount account. Write the rectification entry. 15. An invoice of purchase for Rs.760 is entered as Rs.670. What type of error is this? How to rectify this error?

Illustration 1 An accountant finds that the trial balance of his client did not tally and it showed an excess credit of Rs.69.74. He transferred it to a suspense account and later discovered the following errors. a) Rs.44.37 paid to Anand has been credited to his account as Rs34.37. b) A purchase of Rs.145.50 has been posted as Rs154.50 to the purchases account c) An expenditure of Rs.158 on repairs has been debited to the Buildings account d) Rs.80 was allowed by B as discount which has not been entered in the books. e) A sum of Rs.125.05 realized on the sale of old furniture has been posted to the sales account. Give journal entries to rectify the errors and show the suspense account as it would appear after adjustments. Solution Date 1 Particulars Anand’s account Dr To suspense account (Being wrong amount, wrong ly credited to Anand’s a/c
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LF

Debit (Rs.) 78.74

Credit (Rs.) 78.74

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rectified) 2 Suspense account Dr To Purchases account (Being over debit of purchase account rectified) 3 Repairs account Dr To Buildings account (Being wrong debit given to building account rectified) 4 B’s account Dr To Discount received a/c (Being discount received from B, omitted earlier, brought to account) Sales account Dr 5. To old furniture account (Being sale of old furniture wrongly transferred to sales account rectified) 125.05 125.05 158.00 158.00 80.00 80.00 9.00 9.00

Suspense Account Date Particulars To Difference in trial balance To Purchases a/c Amount Rs. 69.74 9.00 78.74 Note: 1. The excess of credit balance of trial balance means that the total of credit is more than debit by Rs69.74 and so the difference is shown on the debit side of suspense account. 2. When amount is paid to Anand, his account should have been debited. On the other hand, his account was credited and that too with a wrong figures. To rectify this double error, Anand’s account has to be debited with Rs.78.74 (Rs.44.37 + 34.37) and the suspense account is credited. 3. Purchases account was over debited by Rs9 and so Purchases account is credited to nullify the effect and suspense account is debited.
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Date

Particulars By Anand’s a/c

Amount Rs. 78.74 78.74

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4. Repairs spent on building are, by mistake, debited to buildings account. This is error of principle. So repairs account is debited and buildings account is credited to rectify the mistake. 5. Discount received from B has not been taken to records. This is an error of omission. Therefore, it is now brought to accounts. This has not affected the trial balance. 6. When old furniture is sold, the furniture account should have been credited. On the other hand, sales account was credited against to the principle of accounting. To rectify the error, sales account is debited and old furniture account is credited. Illustration 2 st The trial balance of Evergreen Co Ltd., taken out as on 31 December, 2002 did not tally and the

difference was carried to suspense account. The following errors were detected subsequently. a) Sales book total for November was under cast by Rs1200. b) Purchase of new equipment costing Rs.9475 has been posted to Purchases A/c. c) Discount received Rs1250 and discount allowed Rs850 in September 2002 have been posted to wrong sides of discount account d) A cheque received from Mr Longford for Rs.1500 for goods sold to him on credit earlier, though entered correctly in the cash book has been posted in his account as Rs.1050 e) Stocks worth Rs.255 taken for use of Mr Dayananda, the Managing Director, has been entered in sales day book. f) While carrying forward, the total in Returns Inwards Book has been taken as Rs.674 instead of Rs.647. g) An amount paid to cashier, Mr. Ramachandra, Rs.775 as salary for November month has been debited to his personal account as Rs757. Pass journal entries and draw up the suspense account. Solution Journal Proper of Evergreen Co Ltd.,
Date Particulars L F Debit Rs. 31­12­2002 Suspense account Dr To Sales account (Being under casting of sales book rectified) 31­12­2002 New Equipment account Dr To Purchases account 9,475 9,475 1,200 1,200 Credit Rs.

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Financial and Management Accounting (Being wrong debit given to purchases account rectified) 31­12­2002 Discount allowed account Dr Suspense account Dr To Discount received a/c (Being discount received and discount allowed posted to wrong sides of discount account rectified) 31­12­2002 Suspense account Dr To Longford account (Being short credit given to Longford rectified) 31­12­2002 Sales account Dr To suspense account (Being stock used for personal purpose wrongly credited to sales account rectified) 31­12­2002 Suspense account Dr To Returns Inwards account (Being excess debit given to returns inwards account to the extent of Rs27, now rectified) 31­12­2002 Salary account Dr To Ramachandra ‘s a/c To Suspense a/c (Being the wrong debit of salary to the personal account of Ramachandra now rectified) 775 27 255 450 1,700 800

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2,500

450

255

27

757 18

Dr Particulars To sales account To Discount received a/c To Longford To Returns Inwards a/c Total Terminal Questions

SUSPENSE ACCOUNT Cr Amount Rs. 1,200 800 450 27 2,477 Total 2,477 Particulars By Sales By Salary By balance c/d Amount Rs. 255 18 2,204

1. Prepare a trial balance from the following Particulars Purchases Wages Sales Arun’s capital
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Amount Rs. 8,225 1,025 12,450 13,500

Particulars Premium on lease Loan on mortgage Plant and machinery Provision for doubtful debts

Amount Rs. 1,200 2,500 2,000 300
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Stock on 1­1­98 Salary Rent and taxes (Ans: Rs .31322).

1,500 410 162

Sundry debtors Trade charges Bad debts Sundry creditors

16,550 200 200 2,572

2. The following Trial balance was extracted from the books Chetan, a small businessman. Do you think that it is correct? If not, rewrite it in the correct form. Debits Stock Purchases Returns outwards Discount received Wages and salaries Rent and rates Sundry debtors Bank Overdraft (Ans: Rs. 37,790). Rs. 8250 12750 700 800 2500 1850 7600 2450 Credits Capital Sales Returns inwards Discount allowed Scooty Carriage charges Sundry Creditors Bills payable Rs. 10000 15900 1590 800 1750 700 7250 690

3. Mr. Abhijit was unable to tally Trial balance last year and wrote off the difference to the Suspense account. He appointed a chartered accountant who examined the old books and found the following mistakes. a) Purchase of a cycle was debited to conveyance account Rs.3000 b) Purchase account was over cast by Rs.10000 c) A credit purchase of goods from Padam for Rs4000 was entered as sale. d) Receipt of cash from Allum was posted to the account of Arun Rs.3000 e) Receipt of cash from Cherag was posted to the debit side of his account Rs.6000 f) Rs.1000 due by Mr. Zavahir was omitted to be taken to trial balance. g) Sales of goods to Mr. Rajaram for Rs6000 was omitted to be recorded. h) Payment of Rs.5050 for purchase was wrongly posted as Rs.5500 in purchases account.. Suggest the necessary rectification entries. Prepare suspense account. Answer for Self Assessment Questions Self Assessment Questions 1 1. Final Accounts

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Unit 6

2. Trading A/c, P & L A/c, Balance sheet. 3. True 4. True 5. False Self Assessment Questions 2 1. True 2. True Self Assessment Questions 3 1. True 2. Balance method 3. True Self Assessment Questions 4 1. Group all ledger accounts showing debit balance and group all accounts showing credit balance. summaries them total of debit is equal to total of credit. 2. Yes

Self Assessment Questions 5 1. True 2. True 3. True Self Assessment Questions 6 1. True 2. True 3. Rama account should be Debited by Rs 500, Ramanan’s account should be debited by Rs 500 and credit should be given suspense account Rs 1000. 4. Profit – (gross ) is Reduced by Rs 13500. 5. Wages account is credited by Rs 13500 and debit is given to suspense A/c. 6. Telephone expenses account is debited and suspense account is credited 7. Total amount debited to interest account is Rs 2611 + 2161 = 4772. The correct amount by crediting interest account and debiting suspense account with similar amount.

Sikkim Manipal University

104

Financial and Management Accounting

Unit 6

Self Assessment Questions 7 1. Error of commission 2. False 3. Error of omission 4. True 5. True 6. True Self Assessment Questions 8 1. Trial balance. 2. final accounts 3. Error that are disclosed by trial balance and those which cannot be disclosed by trial balance. 4. Error of commission. 5. Error of principle. 6. Omitting completely a transaction from books of original entry. Sales made to Raghu Rs 120 completely ignored. 7. Error of omission, commission, principle, compendating error. 8. suspense account. 9. Journal proper 10. check the total of both sides of trial balance, total debtors & creditors, verify whether balancing is done correctly, check the totals of ledger balances etc. 11. suspense account is debited and sales account is credited. 12. suspense a/c is debited and sales returns a/c is credited. 13. Salary a/c is debited and Gopal a/c is credited. 14. Discount a/c is credited by Rs 100 and suspense a/c is debited 15. This is an error of omission. By checking the original invoice document, it can be rectified. Debit purchases account and credit the creditor’s account. Terminal Question Answers : 1. Refer to unit 6.5 Ans – Rs 31322 2. Refer to Unit 6.5 Ans – Rs 37790 3. Refer to unit 6.10 Ans Suspense A/c Excess debit over Credit is Rs 5450.

Sikkim Manipal University

105

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