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Question

Prepare Trial Balance from the following information :

Prepaid Expenses Rs. 5,000, Profit & Loss A/c (Profit) Rs. 8,000, Outstanding Rent Rs. 2,000, Bad Debts Recovered Rs. 4,000, Interest on Investment Rs. 1,000, Due to Mohan Rs. 5,000, Bank overdraft Rs. 2,000, Discount Allowed Rs. 800, Due from Vinod Rs. 1,200, Investment Rs. 15,000, Patents Rs.4,000, Machinery Rs.6,000, Capital Rs. 10,000.

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Solution

ParticularsDebitCreditPrepaid Expenses5,000Profit & Loss A/c(Profit)8,000Outstanding Rent2,000Bad Debts Recovered4,000Interest on Investment1,000Due to Mohan5,000Bank overdraft2,000Discount Allowed800Due from Vinod1,200Investment15,000Patents4,000Machinery6,000Capital10,000Total32,00032,000


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Q.

Rectify the following errors:

(a)

Depreciation provided on machinery Rs 4,000 was posted as Rs 400.

(b)

Bad debts written off Rs 5,000 were posted as Rs 6,000.

(c)

Discount allowed to a debtor Rs 100 on receiving cash from him was posted as Rs 60.

(d)

Goods withdrawn by proprietor for personal use Rs 800 were posted as Rs 300.

(e)

Bill receivable for Rs 2,000 received from a debtor was posted as Rs 3,000.

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