Trial Balance - One Stage on!

System
System Posts: 100,534 🤖 Admin 🤖
edited 10:23AM in AAT student discussion
OK, I have read the thread regarding trial balance and I get that part of it (I think), what I am stumped by is trial balance and journals.<BR><BR>this is what is confusing me: <b>'Note that the balance to be entered for cash at the bank should reflect the journal entries'</b><BR><BR>Firstly the amount that was paid in to the account was right from what I could see<BR><BR>These are the 2 journals:<BR><BR>CB DR 3216.99<BR>PLCA CR 3216.99<BR>PLCA DR 3126.99<BR>CB CR 3126.99<BR><BR>Therefore the PLCA and CB were both out by £90.00<BR><BR>Written off Acount DR 1233.75<BR>Sales Ledger C. A. CR 1233.75<BR><BR>Based on me actually getting the two journals right, I need to perform the following in the trial balance?<BR><BR>Deduct £90 from both the Bank and PLCA entries?<BR><BR>Add 1233.75 to the bad debt entry?<BR><BR>Deduct 1233.75 from the SLCA entry?<BR><BR>Any help greatly appreciated.<BR><BR>Thanks<BR><BR><BR>Nick

Comments

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Trial Balance - One Stage on!

    Hi Nick<BR><BR>What paper is it from? as I will see if I can find it and help you, I'm too tired (and lazy) today to attempt to work it out!!<BR><BR>Tracy
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Trial Balance - One Stage on!

    Hi Tracy,<BR><BR>It is from the FTC Unit 3 Practice Simulation. Question 8 if this helps.<BR><BR>Tnx<BR><BR>Nick
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Trial Balance - One Stage on!

    Hi Nick<BR><BR>Haven't got that paper, but upon looking your answer seems ok, have you actually tried it out to see what the result was???<BR><BR>How's everything going now, do you feel confident about the exam, or are you still rushing around trying to relocate etc??<BR><BR>No doubt I'll chat with you before the dreaded 14th, but in the meantime take care!<BR><BR>All the best<BR><BR>Tracy
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Trial Balance - One Stage on!

    Nick <BR><BR>I have just completed this paper - you have to debit the bank with £90 and credit the PLCA with £90 - as the recorded payment was too high - so this increases the cash at bank <BR><BR>So when you are entering your cash at bank figure into the trial balance remember to add the £90 on to your cash book figure.<BR><BR>Hope this helps<BR><BR>Sarah
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Trial Balance - One Stage on!

    So do I increase just the bank? or increase the bank and decrease the PLCA?<BR><BR>Thanks<BR><BR>Nick
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Trial Balance - One Stage on!

    Hi Tracy,<BR><BR>Yep still in headless chicken mode with the relocate etc, what with job interviews, moving arrangements and booking the exam at a centre over 200 miles away from me I'm about as un-prepared as I could be ;o).<BR><BR>But hey ho! we can all but try.<BR><BR>Hope all is well with you and you are a bit better prepared than me.<BR><BR>Chat soon<BR><BR>Nick
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Trial Balance - One Stage on!

    Yeah Debit the bank £90 and Credit the Purchase ledger control account<BR><BR>You'll have to Add the £90 to you balance at cash book and put the £90 in the Credit side of the PLCA main ledger T table
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Trial Balance - One Stage on!

    Hi Sarah,<BR><BR>Very many thanks for your help but I'm still having serious difficulty getting my head round it. If I could email the excel file of where I'm at maybe you could point me in the right direction.<BR><BR>I am also going to place a new post outlining where I'm having difficulty.<BR><BR>Thanks again<BR><BR>Nick

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