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How to prepare trial balance by using balances method for the given data?
Refer the data given below −
Name of account | Amount (in rupees) | Name of account | Amount (in rupees) |
---|---|---|---|
Cash in hand | 18500 | Supplies | 2500 |
Accounts receivable | 5500 | Revenue fee | 18000 |
Accounts payable | 2000 | Note payable | 8500 |
Revenue (unearned) | 1500 | Common stock | 9000 |
Furniture and fitting | 5000 | Machinery | 7500 |
Solution
Given below is the trial balance by using balances method −
ABC ltd 28/02/2001 | ||||
---|---|---|---|---|
Sr.No | Account title | Ledger folio | Balance | |
debit | Credit | |||
1 | Cash | 18500 | ||
2 | Supplies | 2500 | ||
3 | Account receivables | 5500 | ||
4 | Revenue (Fee) | 18000 | ||
5 | Account Payable | 2000 | ||
6 | Note payable | 8500 | ||
7 | Unearned revenue | 1500 | ||
8 | Common stock | 9000 | ||
9 | Furniture and fitting | 5000 | ||
10 | Machinery | 7500 | ||
Total | 3900 | 3900 |
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