TRIAL BALANCE EXERCISE.
Hey Guys, Happy Tuesday Morning. How was your day
yesterday, Hope wonderful? God is set to wow you this week in Jesus Mighty
Name- Amen. Today we continue with trial balance in Acc. 101 fully buttress the
steps involved in this account.
ILLUSTRATION:
Enter the transactions in the books from the
following details for the month of August and extract a trial balance as at 31st
Jan 1997.
Aug 1- Started Business with N 7, 500 in cash
Aug 2- Paid N
3, 500 of the opening cash into a bank account.
Aug 3- Bought goods on credit from Ajala N 135, Kayode N 115, Mark N 55.
Aug 4- Bought office equipment on credit from Ojo N 108.
Aug 7- Sold goods on credit to: Michael N 24, Obi N 53.
Aug 8- Bought motor van paying by cheque N 240.
Aug 10- We Returned goods to Ajala N 25, Kayode N 22.
Aug 12- We paid by cheque Ajala N 110.
Aug 14- Paid cash N
70 to Kayode.
Aug 16- Received Loan by cheque N 300.
Aug 18- The following returned goods to us: Michael N 4, Obi N
13.
Aug 20- Bought equipment by cash N 76.
Aug 21- Cash sales N
203.
Aug 25- Cash purchases N 111.
Aug 27- Commission received by cheque N 76.
Aug 29- Rent received by cash N 53.
Aug 31- Withdrew N
75 from bank for private use.
You are required to prepare the following Accounts:
i.
Cash Book
ii.
Post to Their Ledgers
iii.
Day Books
iv.
Post to Their Ledgers
v.
Trial Balance.
SOLUTION
DR
|
CASH BOOK
|
CASH BOOK
|
CR
|
||||||
DATE
|
PARTICULARS
|
F
|
CASH
|
BANK
|
DATE
|
PARTICULARS
|
F
|
CASH
|
BANK
|
1-Aug
|
Capital
|
7,500
|
2-Aug
|
Bank
|
C
|
3,500
|
|||
2-Aug
|
Cash
|
C
|
3,500
|
8-Aug
|
Motor Van
|
240
|
|||
6-Aug
|
Sales
|
501
|
12-Aug
|
Ajala
|
110
|
||||
16-Aug
|
Loan
|
300
|
14-Aug
|
Kayode
|
70
|
||||
21-Aug
|
Sales
|
203
|
19-Aug
|
Loan
|
150
|
||||
27-Aug
|
Commission
|
76
|
20-Aug
|
Equipment
|
76
|
||||
29-Aug
|
Rent
|
53
|
25-Aug
|
Purchase
|
111
|
||||
31-Aug
|
Drawings
|
75
|
|||||||
Bal c/d
|
4,500
|
3,301
|
|||||||
8,257
|
3,876
|
8,257
|
3,876
|
||||||
Bal b/d
|
4,500
|
3,301
|
|||||||
DR
|
Capital Account
|
CR
|
|||
DATE
|
PARTICULARS
|
AMOUNT
|
DATE
|
PARTICULARS
|
AMOUNT
|
Balance c/d
|
7,500
|
1-Aug
|
Cash
|
7,500
|
|
Bal b/d
|
7,500
|
||||
DR
|
Sales A/C
|
CR
|
|||
DATE
|
PARTICULARS
|
AMOUNT
|
DATE
|
PARTICULARS
|
AMOUNT
|
Bal c/d
|
781
|
6-Aug
|
Cash
|
501
|
|
12-Aug
|
Cash
|
203
|
|||
Sundries
|
77
|
||||
781
|
781
|
||||
Bal c/d
|
781
|
||||
DR
|
Loan A/C
|
CR
|
|||
DATE
|
PARTICULARS
|
AMOUNT
|
DATE
|
PARTICULARS
|
AMOUNT
|
19-Aug
|
Bank
|
150
|
27-Aug
|
Bank
|
300
|
Bal c/d
|
150
|
||||
300
|
300
|
||||
Bal b/d
|
150
|
DR
|
Commission Received a/c
|
CR
|
|||
DATE
|
PARTICULARS
|
AMOUNT
|
DATE
|
PARTICULARS
|
AMOUNT
|
Bal c/d
|
76
|
27-Aug
|
Bank
|
76
|
|
Bal b/d
|
76
|
||||
DR
|
Rent Received a/c
|
CR
|
|||
DATE
|
PARTICULARS
|
AMOUNT
|
DATE
|
PARTICULARS
|
AMOUNT
|
Bal c/d
|
53
|
29-Aug
|
Cash
|
53
|
|
Bal b/d
|
53
|
||||
DR
|
Motor Van a/c
|
CR
|
|||
DATE
|
PARTICULARS
|
AMOUNT
|
DATE
|
PARTICULARS
|
AMOUNT
|
8-Aug
|
Bank
|
240
|
Bal c/d
|
240
|
|
Bal c/d
|
240
|
||||
DR
|
Ajala a/c
|
CR
|
|||
DATE
|
PARTICULARS
|
AMOUNT
|
DATE
|
PARTICULARS
|
AMOUNT
|
12-Aug
|
Bank
|
110
|
3-Jan
|
Purchases
|
135
|
10-Aug
|
Returns outward
|
25
|
|||
135
|
135
|
||||
DR
|
Kayode a/c
|
CR
|
|||
DATE
|
PARTICULARS
|
AMOUNT
|
DATE
|
PARTICULARS
|
AMOUNT
|
14-Aug
|
Cash
|
70
|
3-Jan
|
Purchases
|
115
|
10-Aug
|
Returns outwards
|
22
|
|||
Bal c/d
|
23
|
||||
115
|
115
|
||||
Bal c/d
|
23
|
||||
DR
|
Equipment A/c
|
CR
|
|||
DATE
|
PARTICULARS
|
AMOUNT
|
DATE
|
PARTICULARS
|
AMOUNT
|
20-Aug
|
Cash
|
76
|
Bal c/d
|
184
|
|
4-Jan
|
Ojo
|
108
|
|||
184
|
184
|
||||
184
|
|||||
DR
|
Purchases A/c
|
CR
|
|||
DATE
|
PARTICULARS
|
AMOUNT
|
DATE
|
PARTICULARS
|
AMOUNT
|
25-Aug
|
Cash
|
111
|
Bal c/d
|
416
|
|
Sundries
|
305
|
||||
416
|
416
|
||||
416
|
|||||
DR
|
Drawings A/c
|
CR
|
|||
DATE
|
PARTICULARS
|
AMOUNT
|
DATE
|
PARTICULARS
|
AMOUNT
|
31-Aug
|
Bank
|
75
|
Bal c/d
|
75
|
|
75
|
|||||
Purchases Day Bk
|
||||
DATE
|
PARTICULARS
|
F
|
DETAILS
|
TOTAL
|
3-Aug
|
Ajala
|
135
|
||
Kayode
|
115
|
|||
Mark
|
55
|
|||
305
|
||||
DR
|
Mark A/c
|
CR
|
|||
DATE
|
PARTICULARS
|
AMOUNT
|
DATE
|
PARTICULARS
|
AMOUNT
|
Bal c/d
|
55
|
3-Aug
|
Purchases
|
55
|
|
Bal b/d
|
55
|
Sales Day Book
|
||||
DATE
|
PARTICULARS
|
F
|
DETAILS
|
TOTAL
|
7-Aug
|
Michael
|
24
|
||
Obi
|
53
|
|||
77
|
||||
DR
|
Michael A/c
|
CR
|
|||
DATE
|
PARTICULARS
|
AMOUNT
|
DATE
|
PARTICULARS
|
AMOUNT
|
7-Aug
|
Sales
|
24
|
18-Aug
|
Returns Inwards
|
4
|
Bal c/d
|
20
|
||||
24
|
24
|
||||
Bal b/d
|
20
|
||||
DR
|
Obi A/c
|
CR
|
|||
DATE
|
PARTICULARS
|
AMOUNT
|
DATE
|
PARTICULARS
|
AMOUNT
|
7-Aug
|
Sales
|
53
|
18-Aug
|
Returns Inwards
|
13
|
Bal c/d
|
40
|
||||
53
|
53
|
||||
Bal b/d
|
40
|
Returns Outwards Day Book
|
||||
DATE
|
PARTICULARS
|
F
|
DETAILS
|
TOTAL
|
10-Aug
|
Ajala
|
25
|
||
Kayode
|
22
|
|||
47
|
||||
DR
|
Returns Ountwards A/c
|
CR
|
|||
DATE
|
PARTICULARS
|
AMOUNT
|
DATE
|
PARTICULARS
|
AMOUNT
|
Bal c/d
|
47
|
Aug
|
Sundries
|
47
|
|
Bal b/d
|
47
|
||||
Returns Inwards Day Book
|
||||
DATE
|
PARTICULARS
|
F
|
DETAILS
|
TOTAL
|
18-Aug
|
Michael
|
4
|
||
Obi
|
13
|
|||
17
|
||||
DR
|
Returns Inwards A/c
|
CR
|
|||
DATE
|
PARTICULARS
|
AMOUNT
|
DATE
|
PARTICULARS
|
AMOUNT
|
18-Aug
|
Sundries
|
17
|
17
|
||
Bal b/d
|
17
|
||||
DR
|
Ojo A/c
|
CR
|
|||
DATE
|
PARTICULARS
|
AMOUNT
|
DATE
|
PARTICULARS
|
AMOUNT
|
Bal c/d
|
108
|
4-Aug
|
Office Equipment
|
108
|
|
Bal b/d
|
108
|
||||
Trial Balance
|
||
PARTICULARS
|
DR
|
CR
|
Cash
|
4,500
|
|
Bank
|
3,301
|
|
Capital
|
7,500
|
|
Sales
|
781
|
|
Loan
|
150
|
|
Commission
|
76
|
|
Rent Received
|
53
|
|
Motor Van
|
240
|
|
Kayode
|
23
|
|
Equipment
|
184
|
|
Purchases
|
416
|
|
Drawings
|
75
|
|
Mark
|
55
|
|
Michael
|
20
|
|
Obi
|
40
|
|
Returns Outwards
|
47
|
|
Returns Inwards
|
17
|
|
Ojo
|
108
|
|
8793
|
8,793
|
This concludes our session for today; I know it is
kinda long buh still try to get the procedure and the method because it’s
important. Until we meet again remain ever blessed and remember you are for
SIGNS & WONDERS. God Bless You.
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