Question

how to prepare a journal, leger and trial balance of this bill​

Answer 1

Answer:

Explanation:

1  .....   List every open ledger account on your chart of accounts by account number. The account number should be the four-digit number assigned to the account when you set up the chart of accounts. List your total debits and credits from each general ledger account.

2  .....  For each open ledger account, total your debits and credits for the accounting period for which you are running the trial balance. Record the totals for each account in the appropriate column. If the debits and credits do not equal, then there is an error in the general ledger accounts

3 ......  Do not prepare any adjusting entries yet. The trial balance is prepared before you make any adjusting entries. The initial trial balance is prepared to detect any mathematical errors before you make adjusting entries or start closing your books for the accounting period.

4......  still don't add up, then subtract the smaller column from the larger and look for the missing amount in the smaller column. If you find it, you've found your error

   There are other standard techniques to track down an error in a trial balance. If the debits and credits do not equal, see if the number 2 divides equally into the difference. If it does, look for an account, look for an account incorrectly in the column with the larger total that equals half the difference. If you find this, you've found your error.

   Another technique is to use the number 9 to find a transposition error. If the number 9 divides evenly into the difference between the credits and debits, you have a transposition error. Go back over your credit and debit entries to try to find your transposition error.  

Examples of other errors that could unbalance a trial balance are

: Not including a ledger account in the trial balance calculation

Making an error in a compound journal entry

Putting the wrong ledger accounts in the trial balance columns

Miscalculating the ledger account amounts

Posting an accounting journal entry to the wrong general ledger account

Answer 2

Explanation:

To prepare a trial balance we need the closing balances of all the ledger accounts and the cash book as well as the bank book. So firstly every ledger account must be balanced. Balancing is the difference between the sum of all the debit entries and the sum of all the credit entries.

Then prepare a three column worksheet. One column for the account name and the corresponding columns for debit and credit balances.

Fill out the account name and the balance of such account in the appropriate debit or credit column

Then we total both the debit column and the credit column. Ideally, in a balanced error-free Trial balance these totals should be the same

Once you compare the totals and the totals are same you close the trial balance. If there is a difference we try and find and rectify errors. Here are some cases that cause errors in the trial balance

A mistake in transferring the balances to the trial balance

Error in balancing an account

The wrong amount posted in the ledger

Made the entry in the wrong column, debit instead of credit or vice versa

Mistake made in the casting of the journal or subsidiary book

Rules for Preparation of Trial Balance

While preparation of trial balances we must take care of the following rules/points

1] The balances of the following accounts are always found on the debit column of the trial balance

Assets

Expense Accounts

Drawings Account

Cash Balance

Bank Balance

Any losses

2] And the following balances are placed on the credit column of the trial balance

Liabilities

Income Accounts

Capital Account

Profits