A trial balance will not tally if _______.

correct journal entry is posted twice

No worries! We‘ve got your back. Try BYJU‘S free classes today!

the purchase on credit basis is debited to purchases and credited to cash.

No worries! We‘ve got your back. Try BYJU‘S free classes today!

Rs. 5,000 cash payment to creditors is debited to creditors for Rs.500 and credited to cash as Rs.5,000

Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses

none of the above

No worries! We‘ve got your back. Try BYJU‘S free classes today!

Open in App

Solution

The correct option is B Rs. 5,000 cash payment to creditors is debited to creditors for Rs.500 and credited to cash as Rs.5,000
A Trial Balance is a list of all the accounts maintained by the business.
If there is any error it might reflect and Trial Balance might not tally.
In case a correct journal is posted twice it might not reflect since the posting is done with the correct amount at the correct side.
In case a credit purchase is recorded as cash purchase, a creditor is not recorded but debit (Purchase) and credit side (Cash) show the amounts properly.
However, for a same journal if different amounts are recorded on the debit and credit sides, Trial Balance will not tally.

Suggest Corrections

Similar questions

Rectify the following errors assuming that a suspense account was opened.

Ascertain the difference in trial balance.

(a)	Credit sales to Mohan Rs 7,000 were posted to the credit of his account.
(b)	Credit purchases from Rohan Rs 9,000 were posted to the debit of his account as Rs 6,000.
(c)	Goods returned to Rakesh Rs 4,000 were posted to the credit of his account.
(d)	Goods returned from Mahesh Rs 1,000 were posted to the debit of his account as Rs 2,000.
(e)	Cash sales Rs 2,000 were posted to the debit of sales account as Rs 5,000.

Rectify the following errors assuming that a suspense account was opened.

Ascertain the difference in trial balance.

(a)	Credit sales to Mohan Rs 7,000 were posted to Karan as Rs 5,000.
(b)	Credit purchases from Rohan Rs 9,000 were posted to the debit of Gobind as Rs 10,000.
(c)	Goods returned to Rakesh Rs 4,000 were posted to the credit of Naresh as Rs 3,000.
(d)	Goods returned from Mahesh Rs 1,000 were posted to the debit of Manish as Rs 2,000.
(e)	Cash sales Rs 2,000 were posted to commission account as Rs 200.

Q. Rs

3, 50, 000

cash paid to creditors for settlements of credit purchases will be recorded in _______________.

As an accountant of a company, you are disappointed to learn that the totals in your new trial balance are not equal. After going through a careful analysis, you have discovered only one error. Specifically, the balance of the Office Equipment account has a debit balance of Rs. 15,600 on the trial balance. However, you have figured out that a correctly recorded credit purchase of pen-drive for Rs 3,500 was posted from the journal to the ledger with a Rs. 3,500 debit to Office Equipment and another Rs. 3,500 debit to creditors accounts. Answer each of the following questions and present the amount of any misstatement :

(a) Is the balance of the office equipment account overstated, understated, or correctly stated in the trial balance?

(b) Is the balance of the creditors account overstated, understated, or correctly stated in the trial balance?

(d) Is the credit column total of the trial balance overstated, understated, or correctly stated?

(e) If the debit column total of the trial balance is Rs. 2,40,000 before correcting the error, what is the total of credit column.

Rectify the following errors assuming that a suspense account was opened. Ascertain the difference in trial balance.

(a) Credit sales to Mohan Rs. 7,000 were posted to the credit of his account.

(b) Credit purchase from Rohan Rs. 9,000 were posted to the debit of his account as Rs. 6,000.

(d) Goods returned from Mahesh Rs. 1,000 were posted to the debit of his account as Rs. 2,000.

(e) Cash sales Rs. 2,000 were posted to the debit of sales account as Rs. 5000.

Join BYJU'S Learning Program