Trial Balance Excercise

System
System Posts: 100,534 🤖 Admin 🤖
edited June 18 in AAT student discussion
Afternoon All - I'm looking for a little help on a homework piece my group has been given.
It is on Trial Balances.

Let's say I am a carpet retailer - the following balances appear in my books at the close of business on 30 April 20xx

Account Name....... DR.... or .... CR

Motor Vehicles (Dr)
Office Equipment (Dr)
Sales (Cr)
Purchases (Dr)
Returns Inwards (Cr)
Returns Outwards (Dr)
Rates (Dr)
Carriage Inwards (Dr)
Interest Received (Cr)
Carriage Outwards (Dr)
L. Wilton (Supplier) (Cr)
B Ramsden (Customer) (Dr)
Bank Overdraft (Cr)
Gen Expenses (Dr)
Cash in Hand (Dr)
Premises (Dr)

The brackets is the side I have put the balances on the trial balance - I'm looking for someone to basically mark and let me know which I have right and wrong (if someone would be so kind).

Also, if my trial balance doesn't agree - what useful tips are there to check for possible flaws, I tried to remember someone saying something about dividing somehting by 9?

Thanks All
Jamie

Comments

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Trial Balance Excercise

    I'm not sure carriage inwards and carriage outwards should be on the same side *hint*

    If your tb is out, if the difference is divisible by 9 this is a transposition error, ie you have written 45 instead of 54.

    Gem
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Trial Balance Excercise

    Hello,

    I think Retunrns In should be Dr (Opposite to Sales),

    Returns Outwards as Cr (Opposite to Purchases).

    Carraige In & Out are both correctly Debits.

    Carraige In is added to Purchases to arrive at Cost of Sales.

    Carriage out is an expense in the P&L A/c.

    Hope this helps,

    crispy
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Trial Balance Excercise

    It does crispy - thanks.

    Cheers Gems to for the divisible thingy :lol: , I knew they were both Debits as they are expenses paid by us (we were told in lesson) otherwise i would have been screwballed.

    Thanks again you two.

    J
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Trial Balance Excercise

    Ah

    I wasn't sure whether you were charging customers for carriage

    It worked in the end though?

    Gem
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Trial Balance Excercise

    I wasn't - We were told it was an expense we paid originally (which we then probably made back on clients).

    Thanks Gems (you little star you)

    J
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Trial Balance Excercise

    :D

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