TRIAL BALANCE EXERCISES.

Hey Guyz, Happy Thursday to you all. It’s almost the end of the week again wow, have you guyz noticed at all how quickly time flys. Hmmm it is well.

Today we are back to Acc 101 with one more illustration on Trial Balance, so let’s get started.

ILLUSTRATION:

Enter the following in the books, balance off and extract a trial balance for the month of March 1994.

March 1- Started business with N 15,000 in the bank and N 7,650 cash in hand.

March 2- Put N 650 of the cash into bank account.

March 3- Bought Goods on credit from: Ayo N 200, Aina N 300, Bikiya N 170, and Timi N 135.

March 4- Cash Sales N 500.

March 5- Bought Machinery by cheque N 700.

March 7- Bought goods for cash N 1,000.

March 9- Paid Insurance by Cash N 60.

March 11- Paid Wages by cheque N 300.

March 13- Received Loan from Ojo by cheque N 620.

March 15- Goods sold on credit to: Dapo N 300, Femi N 65, Kunle N 120, and Gbenga N 120.

March 17- Goods returned to: Ayo N 30, Aina N 45.

March 19- Bought fixtures on credit from olu N 6,000.

March 21- The Proprietor withdrew cash for personal use N 300.

March 23- Cash sales N 1,500.

March 24- The following returned goods to us: Dapo N 15, Femi N 5.

March 29- Paid motor expenses with cash N 160, Cash purchases N 315.

March 31- Paid Rent by cheque N 30.

SOLUTION:

Particulars	Dr	Cr
Dapo	285
Femi	60
Ayo		170
Kunle	120
Gbenga	120
Returns Inwards	20
Aina		255
Bikiya		170
Fixtures	6,000
Cash	7,165
Bank	15,240
Machinery	700
Insurance	60
Olu		6,000
Timi		135
Returns Outwards		75
Purchases	2,120
Wages	300
Drawings	300
Capital		22,650
Motor Expenses	160
Sales		2,605
Ojo		620
Rent	30
	32,680	32,680

Please Note that like our previous example this account needs to first be prepared in other books before the Trial Balance, for more understanding revisit our former example here http://edu-made-easy.blogspot.com/search?updated-max=2014-05-13T14:36:00%2B01:00&max-results=7

This concludes our session for today; hope you had fun all the way? Remember Practice makes perfect, so the more you practice the better you will be at this. Remain ever blessed. God Bless You.