Question

.Prepare Trial balance from the following accounts. Land 1,00,000 Building 2,00,000 Salary 30,000 Machinery 50,000 Sale 80,000 Purchase 1,00,000 Purchase Return 20,000 Capital 3,80,000


pls do step by step ​

Answer 1

Answer:

Trial Balance is the Attachment.

Go through it.

Explanation:

• Capital = 3,80,000

Capital records in Credit side. Because of Capital have Credit balance.

• Land = 1,00,000

Land records in Debit side. Because of Land is an asset to firm.

• Building = 2,00,00

Building is also an asset to firm,and thus it is recorded in debit side

• Machinery = 50,000

Machinery is asset to firm, it records in debit side.

• Sales = 80,000

Sales shows an credit balance, Thus it is recorded in Credit side.

• Purchases = 1,00,000

Purchases shows debit balance as it is an assets to firm. Thus it recorded in Debit side.

• Purchases Return = ₹20,000

Purchase return is a liability to firm and thus it recorded in Credit side.

• Salary = 30,000

Salary shows debit balance. So, it recorded in debit side.

Hope it's helps U