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Question: The following Trial Balance of a sole trader, although it adds up to the same total on both sides, is incorrect:

Trial Balance at 30th June, 1962                                             Dr,                                     Cr
                                                                                         £                                       £

Capital, 1st July, 1961                                                        8,950

Drawings                                                                                                                   1,050

Stock, 1st July, 1961                                                          3,725

Purchases                                                                       23,100

Sales                                                                                                                       39,425

Wages and Salaries                                                             6,205

Lighting and Heating                                                              310

Equipment                                                                         3,600

Carriage Outwards                                                                                                         230

Returns Inwards                                                                    105

Returns Outwards                                                                                                          290

Provision for Bad Debts                                                           350

Discount Allowed                                                                   285

Discount Received                                                                 315

Rent, Rates & Insurance                                                       1,115

Motor Vehicles                                                                    1,475

Cash in Hand                                                                         110

Sundry Creditors                                                                  4,925

Sundry Debtors                                                                  13,920

Bank Overdraft                                                                      975

                                                                                      £55,230                            £55,230

Draw up a corrected Trial Balance.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M92346218
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