any, to suspense account. Opening stock , Debtors , Capital , Carriage inwards , Sales , , Bills receivable , Salaries , Commission received , Bills payable , Cash at bank , Telephone charges , Furniture , Creditors , Plant & Machinery , Purchases , Repairs (Answer: Suspense account: ` , (Dr.) Trial balance Total: ` , , ) . Correct the following trial balance: Debit Balance ` Credit Balance ` Opening Stock , , Salaries , Creditors , , Bank , Carriage inwards , Rent received , Discount allowed , Accountancy - Purchases , , Bills payable , Debtors , Carriage outwards , Capital , , Returns inward , Discount received , Trade expenses , Sales , , Building , , Total , , , , (Answer: Trial balance total ` , , ) Student activity Imagine that you start a small shop with an investment of ` , . Record imaginary business transactions for days [include cash and credit transactions].
Prepare journal, ledger and trial balance with them. Mary runs a textile store. She has prepared the following trial balance from her ledger balances. Her trial balance does not tally.
She needs your help to check whether what she has done is correct. S. No. Name of account L.F.
Debit balance ` Credit balance ` Capital Discount received Rent paid Salaries paid Purchases of textiles Sale of textiles Salesmen commission paid Transport charges paid Cash balance Total , , , , , , , , , , , To explore further Is it possible to find out the profit earned by the business by preparing trial balance? What can be done to know the profit? Reference . M C Shukla, T S Grewal and S C Gupta, Advanced Accounts, th ed., , S.Chand Publishing, New Delhi.
. R L Gupta and V K Gupta, Financial Accounting, th ed., , Sultan Chand and Sons, New Delhi. . S P Jain and K L Narang, Advanced Accountancy Vol – I, , Kalyani Publishers, New Delhi.
. Dalston L Cecil and Jenitra L Merwin,