if in trial balance credit purchase is written then it should also be written in balance sheet as creditors?

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Solution

Dear Student,

Purchases that are given in the Trial Balance should not be included in the amount of Creditors in Balance Sheet as while maintaining the ledger accounts these credit purchases have already been posted to the Creditors' A/c.

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Similar questions

If closing stock does appears in the trial balance and also given as additional information, it should be ___________.

When an amount of Rs 327 to be written on debit side is written as Rs 237 and at the same an amount of Rs 546 is written as Rs 456 on the credit side. Will these errors be revealed by the Trial Balance?

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.

Q. Extract of trial balance of Mr. Q is as follows.

Particulars	Dr. Rs.	Cr. Rs.
Sundry debtors	$1, 00, 000$	-
Sundry creditors	-	$78, 000$

Additional information:
Included in sundry debtors Rs.

5, 000

due from Mr. A. Included in sundry creditors Rs.

2, 000

payable to Mr.A.
Sundry debtors and creditors will appear in balance sheet at __________ & Rs. ___________.

Q. Extract of trial balance of Mr. Q is as follows:

Particulars	Dr. Rs	Cr. Rs
Sundry debtors	1,00,000	-
Sundry creditors	-	78,000

Additional information:
Included in sundry debtors Rs 5,000 due from Mr A. Included in sundry creditors Rs 2,000 payable to Mr. A.
Sundry debtors and creditors will appear in balance sheet at Rs _________ & Rs ____________.

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if in trial balance credit purchase is written then it should also be written in balance sheet as creditors?

Dear Student, Purchases that are given in the Trial Balance should not be included in the amount of Creditors in Balance Sheet as while maintaining the ledger accounts these credit purchases have already been posted to the Creditors' A/c. Hope this answers your query. Keep Posting!!!

Dear Student,

Purchases that are given in the Trial Balance should not be included in the amount of Creditors in Balance Sheet as while maintaining the ledger accounts these credit purchases have already been posted to the Creditors' A/c.

Hope this answers your query.
Keep Posting!!!