Question No 11 Chapter No 10

Question No 11 Chapter No 10

11. Following trial balance is extracted from the books of Sh. S. Banerjee & Sons as at 31st March,2018

Stock on 1st April, 20174,50,000 
Purchases & sale36,50,00052,40,000
Capital 20,00,000
Trade Expenses75,000 
Debtors & Creditor2,25,0006,10,000
Plant & Machinery7,80,000 
Return Inwards 24,600
Discount allowed & Discount received 4,5006,300
Bank overdraft2,60,000 
Bank interest paid32,400 
Bad debts written off12,000 
Bills Receivable & Payable2,50,00040,000

Subsequently, the following and errors were discovered

  1. The debtors and Creditor’s balance have been wrongly interchanged while entering them in the trial balance.
  2. A similar error has been made with the balance of discount allowed and discount received
  3. A credit sale of Rs 10,000 has been left unrecorded
  4. Bank overdraft balance is undercast by 5,000
  5. Cash balance amounting to Rs 24,300 has been left unrecorded
    Drew up a corrected trial balance

The solution of Question No 11 Chapter No 10: –

Trail Balance A/c
Stock on 1st April 2017 A/c 4,50,000 
Purchases A/c 36,50,000 
Sale A/c  52,50,000
Capital A/c  20,00,000
Drawings A/c 36,000 
Trade expenses A/c 75,000 
Debtors A/c 6,20,000 
Creditor A/c  2,25,000
Premises A/c 15,00,000 
Plant & Machinery A/c 7,80,000 
Return Inwards A/c 24,600 
Discount allowed A/c 6,300 
Discount Received A/c  4,500
Bank Overdraft A/c  2,65,000
Equipment A/c 32,400 
Bad debts Written off A/c 8,900 
Wages A/c 3,15,000 
Bill Receivable A/c 2,50,000 
Bill Payable A/c  40,000
Cash A/c 24,300 

What is Ledger in accounting – explain its Types

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