QQuestionAccounting
QuestionAccounting
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Answer
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Step 1:Extract Balances for Trial Balance
List all balances under debit and credit columns as at 30 June 2015.
Step 2:Prepare Trial Balance
Arrange all accounts with their balances in a trial balance format, ensuring debits equal credits.
Final Answer
Trial balance as at 30 June 2015 is prepared as follows: Revenue (credit 137,000), Inventory (debit 6,700), Purchases (debit 41,500), Carriage inwards (debit 1,300), Carriage outwards (debit 800), Wages and salaries (debit 34,700), Insurance (debit 1,800), Motor vehicle expenses (debit 4,200), General expenses (debit 22,800), Discounts allowed (debit 800), Bank overdraft (credit 700), Returns inwards (debit 500), Returns outwards (credit 600), Motor vehicles (debit 16,000), Equipment (debit 4,500), Trade payables (credit 4,140), Trade receivables (debit 9,000), Cash (debit 500), Drawings (debit 17,600), Capital (credit 28,800), Loan (credit 3,000), Inventory (30 June 2015, debit 7,500).
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