MORE EXERCISES ON TRIAL BALANCE.
Hey Guyz, Happy Wednesday. Theres just this feeling
of being in the middle of the week, it’s the feeling of Weekend is near. Do you
feel it? LOLZ.
Today we are doing something a little bit different,
Below are questions that I would love for you guyz and Gals to try out. It’s to
improve on our knowledge of this topic and to be sure we totally got this. So
Good Luck.
QUESTION
1:
You are required to enter up the following
transactions for June 1999 in the books of Sharon Ltd. The accounts are then to
be balanced off and a trial balance extracted as at 30th June 1999.
June 1- Sharon started business by depositing N 25, 000 in a bank a/c.
June 2- Bought motor van on credit from Bilikisu
Enterprises N 3, 400.
June 4- Received Loan of N 300 in cash from Kosoko.
June 7- Bought Office equipment on credit from UTC
Nig Ltd N 470.
June 10- Cash Sales N 17, 000.
June 11- Cash purchases N 5, 000.
June 13- Sold goods on credit to Tola N 150, Bella N 60.
June 15- Paid Bilikisu Enterprises by cheque N 3, 400.
June 16- Bought Goods for cash N 90.
June 17- The Proprietor took N 500 drawings in cash
June 19- Paid sundry expenses by cash N 50.
June 22- Bought another motor van paying by cheque
immediately N 3, 000
June 23- Withdrew N
600 from the bank for business use.
June 30- Goods returned to us by Tola N 30, Bella N 10.
QUESTION
2:
The following balances are extracted from the books
of Bolly- J Enterprises on 31st Dec 1998.
Freehold Property 50,000
Capital
81,445
Trade Debtors
28,750
Trade Creditors
26,150
Furniture & Fittings (Cost N 22,500) 16,250
Rent
950
Electricity
675
Prov. For Bad Debt (1/1/98) 288
Office Equipment (Cost N 20,000) 15,500
Stock (1/1/98)
7,750
General Expenses 2,350
Rates
625
Cash in hand 137
Bank Overdraft
4,475
Bank Charges
373
Purchases
60,750
Sales 74,000
Carriage Inwards
395
Salaries
1,700
Discount Received 332
Discount Allowed 485
You are required to prepare a Trial Balance as at 31st
Dec. 1998
(SSCE JUNE 1999)
This concludes our session for today. Pls Endeavour
to try this try out this questions out because only when you practice will you
be better at this. The Grace to practice consistently is released in Jesus
Name- Amen.
Until we meet again remain ever Blessed and remember
you are for SIGNS & WONDERS. God Bless You.
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