SECTION-C
23. The following Trial Balance has been prepared by an inexperienced accountant as on 31st
March, 2018. Redraft it in a correct form and give necessary notes for correction:
Name of accounts
LF Amounts(Dr.) Amounts(Dr.)
Cash in hand
4,100
Machinery
25,000
Purchases
66,200
Sundry Debtors
24,300
Caariages inward
1,800
Carriage outward
700
Wages
17,500
Rant and taxes
5.300
Sundry Creditors
17,000
Discount Allowed
1,200
Return Outwards
2,400
Return inwards
9,600
Capital
30,000
Drawings
6,300
Bank Loan
10,000
Interest on loan
1,500
Opening stock
26,200
Sales
128,700
Discount Received
1,600
189700
189,700
Answers
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Explanation:
On April 01, 2016 Anees started business with Rs. 100,000 and other transactions for the month are:
2. Purchase Furniture for Cash Rs. 7,000.
8. Purchase Goods for Cash Rs. 2,000 and for Credit Rs. 1,000 from Khalid Retail Store.
14. Sold Goods to Khan Brothers Rs. 12,000 and Cash Sales Rs. 5,000.
18. Owner withdrew of worth Rs. 2,000 for personal use.
22. Paid Khalid Retail Store Rs. 500.
26. Received Rs. 10,000 from Khan Brothers.
30. Paid Salaries Expense Rs. 2,000
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