FINANCIAL ACC 101

TRIAL BALANCE QUESTION

Hey Everyone, Hope the week is going well? It Is Well with You in Jesus Name- Amen. Today we are continuing from where we stopped last week and we are taking one more question on this topic to be more grounded in it. Let's get started....

ILLUSTRATION 2:

Enter the Transactions in the books of the following details for the month of January and extract the Trial Balance as at 31st June 1996.

Jan 1- Started Business with N7, 000 in cash.

Jan 2- Paid N3, 500 of the opening cash into bank account.

Jan 3- Bought goods on credit from Ajala N135, Kayode N115, Mark N55.

Jan 4- Bought office equipment on credit from Ojo N108.

Jan 6- Sold goods for cash N501.

Jan 7- Sold goods on credit to Micheal N24, Obi N53.

Jan 8- Bought motor van paying by cheque N240.

Jan 10- We returned goods to Ajala N25, Kayode N22.

Jan 12- We paid by cheque Ajala N110.

Jan 14- Paid cash N70 to Kayode.

Jan 16- Received Loan by Cheque N150.

Jan 18- The following returned goods to us Micheal N4, Obi N13.

Jan 19- Repaid part of the loan by cheque N76.

Jan 20- Bought Equipment by cash N76.

Jan 21- Cash Sales N203.

Jan 25- Cash Purchases N111.

Jan 27- Commission received by cheque N76.

Jan 29- Rent received by Cash N53.

Jan 31- Withdrew N75 from bank for private use.

SOLUTION:

Purchases Day Book
Date	Particulars	F	Details	Amount
3-Jan	Ajala		N135
	Kayode		N115
	Mark		N55
				N305

LEDGER ENTRIES:

DR                           Sundries A/c                                  CR
Date	Particulars	Amount	Date	Particulars	Amount
3-Jan	Sundries	N305		Bal c/d	N305
		N305			N305

DR                          Ajala's A/c                                       CR
Date	Particulars	Amount	Date	Particulars	Amount
	Bal c/d	N135	3-Jan	Purchases	N135
		N135			N135

DR                            Kayode's A/c                               CR
Date	Particulars	Amount	Date	Particulars	Amount
	Bal c/d	N115	3-Jan	Purchases	N115
		N115			N115

DR                            Mark's A/c                                 CR
Date	Particulars	Amount	Date	Particulars	Amount
	Bal c/d	N55	3-Jan	Purchases	N55
		N55			N55

Sales Day Book
Date	Particulars	F	Details	Amount
7-Jan	Micheal		N24
	Obi		N53
				N77

LEDGER ENTRIES:

DR                       Sundries A/c                                       CR
Date	Particulars	Amount	Date	Particulars	Amount
	Bal c/d	N77	7-Jan	Sundries	N77
		N77			N77

DR                        Micheal's A/c                                       CR
Date	Particulars	Amount	Date	Particulars	Amount
7-Jan	Sales	N24		Bal c/d	N24
		N24			N24

DR                            Obi's A/c                                     CR
Date	Particulars	Amount	Date	Particulars	Amount
7-Jan	Sales	N53		Bal c/d	N53
		N53			N53

Returns Outwards A/c
Date	Particulars	F	Details	Amount
10-Jan	Ajala		N25
	Kayode		N22
				N47

LEDGER ENTRIES:

DR                       Sundries A/c                                       CR
Date	Particulars	Amount	Date	Particulars	Amount
	Bal c/d	N47	10-Jan	Sundries	N47
		N47			N47

DR                          Ajala's A/c                                       CR
Date	Particulars	Amount	Date	Particulars	Amount
10-Jan	Returns	N25		Bal c/d	N25
		N25			N25

DR                         Kayode's A/c                                     CR
Date	Particulars	Amount	Date	Particulars	Amount
10-Jan	Returns	N22		Bal c/d	N22
		N22			N22

Returns Inwards A/c
Date	Particulars	F	Details	Amount
18-Jan	Micheal		N4
	Obi		N13
				N17

LEDGER ENTRIES:

DR                         Sundries A/c                                       CR
Date	Particulars	Amount	Date	Particulars	Amount
18-Jan	Sundries	N17	18-Jan	Bal c/d	N17
		N17			N17

DR                       Micheal's A/c                                       CR
Date	Particulars	Amount	Date	Particulars	Amount
18-Jan	Bal c/d	N4	18-Jan	Returns	N4
		N4			N4

DR                             Obi's A/c                                     CR
Date	Particulars	Amount	Date	Particulars	Amount
18-Jan	Bal c/d	N13	18-Jan	Returns	N13
		N13			N13

DR                                           Cash Book A/c                                                           CR
Date	Particulars	F	Cash	Bank	Date	Particulars	F	Cash	Bank
1-Jan	Capital		N7, 500		2-Jan	Bank	c	N3, 500
2-Jan	Cash	c		N3, 500	8-Jan	Motor Van			N240
6-Jan	Sales		N501		12-Jan	Ajala			N110
16-Jan	Loan			N300	14-Jan	Kayode		N70
21-Jan	Sales		N203		19-Jan	Loan			N150
27-Jan	Commission			N76	20-Jan	Equipment		N76
29-Jan	Rent		N53		25-Jan	Purchases		N111
					31-Jan	Drawings			N75
						Bal b/d		N4, 500	N3, 301
	Total		N8, 257	N3, 876		Total		N8, 257	N3, 876
	Bal c/d		N4, 500	N3, 301

LEDGER ENTRIES:

DR                              Capital A/c                                  CR
Date	Particulars	Amount	Date	Particulars	Amount
	Bal c/d	N7, 500	1-Jan	Cash	N7, 500
		N7, 500			N7, 500

DR                         Sales A/c                                       CR
Date	Particulars	Amount	Date	Particulars	Amount
	Bal c/d	N781	2-Jan	Cash	N203
			6-Jan	Cash	N501
				Sundries	N77
		N781			N781

DR                          Loan A/c                                     CR
Date	Particulars	Amount	Date	Particulars	Amount
19-Jan	Bank	N150	27-Jan	Bank	N300
	Bal b/d	N150
		N300			N300
				Bal c/d	N150

DR           Commission Received A/c                              CR
Date	Particulars	Amount	Date	Particulars	Amount
	Bal c/d	N76	27-Jan	Bank	N76
		N76			N76

DR                      Rent Received A/c                              CR
Date	Particulars	Amount	Date	Particulars	Amount
	Bal c/d	N53	29-Jan	Cash	N53
		N53			N53

DR                        Motor Van A/c                                 CR
Date	Particulars	Amount	Date	Particulars	Amount
8-Jan	Bank	N240		Bal c/d	N240
		N240			N240

DR                              Ajala's A/c                                 CR
Date	Particulars	Amount	Date	Particulars	Amount
10-Jan	Returns Outwards	N110	3-Jan	Purchases	N135
12-Jan	Bank	N25
		N135			N135

DR                   Kayode's A/c                                       CR
Date	Particulars	Amount	Date	Particulars	Amount
10-Jan	Returns Outwards	N22	3-Jan	Purchases	N115
14-Jan	Cash	N70
	Bal b/d	N23
		N115			N115
				Bal c/d	N23

DR                      Equipment A/c                                   CR
Date	Particulars	Amount	Date	Particulars	Amount
4-Jan	Ojo	N108		Bal c/d	N184
20-Jan	Cash	N76
		N184			N184

DR                                Purchases A/c                            CR
Date	Particulars	Amount	Date	Particulars	Amount
25-Jan	Cash	N111		Bal c/d	N416
	Sundries	N305
		N416			N416

DR                       Drawings A/c                                             CR
Date	Particulars	Amount	Date	Particulars	Amount
31-Jan	Bank	N75		Bal c/d	N75
		N75			N75

TRIAL BALANCE:

Particulars	DR	CR
Cash	N4, 500
Bank	N3, 301
Capital		N7, 500
Sales		N781
Loan		N150
Commission		N76
Rent Received		N53
Motor Van	N240
Kayode		N23
Equipment	N184
Purchases	N416
Drawings	N75
Mark		N55
Micheal	N20
Obi	N40
Returns Outwards		N47
Returns Inwards	N17
Ojo		N108
	N8, 793	N8, 793

This brings us to the end of today's session. Hope this was very helpful to you, leave a comment of what you think of this tutorial and of your questions below. Have a Blessed Day and Remember You are Amazing. God Bless.