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trial balance , DR and Cr ?

NAJCNAJC Feels At HomeRegistered Posts: 44
in General AAT student discussion
hey im wondering if anyone can help.
im doing a trial balance ... my tutor said there is supposed to be a differnece of 140 but i think iv put something on the wrong side. Is this right ?

Sales - Credit) Purchases - Debit) Telephone - Debit )Postage - Debit)
Inland Revenue - Debit) PLCA - Credit) SLCA - Debit) Rent - Credit
) Rent Paid - Debit) Rent Received - Credit) Motor Vehicles - Debit) Motor Vehicles Expenses - Debit) Bank OverDraft - Debit) PettyCash - Debit) Discount Received - Credit )Loan - Credit) Premises - Debit )Fixtures & Fittings - Debit )Capital - Credit )Interest Received - Credit) Rent Paid - Debit) VAT - Credit )Rent Redeived - Credit)
is this right ? please help :D.
Thankyouu xx

Comments

  • sarahwilsonsarahwilson Experienced Mentor Registered Posts: 567
    Your bank overdraft is a liability and should be a credit. You have rent down a few times, rent & rent paid is that correct as that won't be helping matters.
  • NAJCNAJC Feels At Home Registered Posts: 44
    thankyouu. Yeaah theres rent then rent paid and rent received ... do you know?
    xxxx
  • A-VicA-Vic Expertise Guaranteed Registered Posts: 6,970
    you need to balance you rent recived and rent paid accounts and see what that does
  • NAJCNAJC Feels At Home Registered Posts: 44
    i dont have them , my tutor just gave me the amounts and the account names. i just have to bablance them . shes said there will be a difference of £140. but i need to make sure everythings on the right account.
    x
  • ambitiousambitious Banned Banned User Posts: 93
    Rent Received should have a credit balance. Rent paid is a debit balance. When I did foundation I remembered ALER which is :

    ...DR........:........CR

    Assets......: Liabilities
    Expenses..: .Revenue

    I think Inland Revenue be a credit balance. It's normally a liability from paying Wages and Salaries.
  • NAJCNAJC Feels At Home Registered Posts: 44
    thankyouu. and what about rent? . because theres rent paid , rent received and rent ? :S xx
  • ambitiousambitious Banned Banned User Posts: 93
    If you've got "rent paid", "rent received" and "rent" as three seperate amounts then I'm assuming "rent" in this question is a "Rent control Account" in your listing where this account is used to records transactions from receiving rent from tenants and any bank or cash payments the tenants make - works just like a sales ledger control account - since it's possible to have more than one tenant as other debtors. A "rent control account" has a debit balance.

    Try it in your trial balance and see if it works.
  • NAJCNAJC Feels At Home Registered Posts: 44
    Noope. everythings on the right side ....hmmmm :S
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