Question

An inexperienced Accountant has prepared the following Trial Balance as you are expert in Accountancy find out errors and redraft the Trial Balance.

Trial Balance as on 30th March, 2002
Particulars	L.F.	Debit balance Amount Rs	Credit balance Amount Rs
Opening Stock		10,000
Purchases		40,000
Sales			50,000
Machinery			50,000
Goodwill		50,000
Wages			200
Commission Received		500
Sundry Debtors		40,000
Sundry Creditors			20,500
Bills Payable		50,000
Postage & Telegrams		500
Interest received		200
Capital			70,000
Commission allowed			500
		1,91,200	1,91,200

Answer 1

Trial Balance
S. No.	Name of Account	Debit Amount (Rs)	Credit Amount (Rs)
1	Opening Stock	10,000	–
2	Purchases	40,000	–
3	Sales	–	50,000
4	Machinery	50,000	–
5	Goodwill	50,000	–
6	Wages	200	–
7	Commission Received	–	500
8	Sundry Debtors	40,000	–
9	Sundry Creditors	–	20,500
10	Bills Payable	–	50,000
11	Postage and Telegrams	500	–
12	Interest Received	–	200
13	Capital	–	70,000
14	Commission Allowed	500	–
		1,91,200	1,91,200