Tag: develop the skill of preparing trial balance by balance method
Questions Related to develop the skill of preparing trial balance by balance method
A's trial balance provides you the following information: Bad debts Rs.1,000. It is desired to maintain a provision for bad debts at Rs. 2,000. Amount debited to profit and loss a/c will be_________.
A, B and C were partners sharing profit and losses in the ratio of 3 :2 :1. A retired and firm received the joint life policy Rs. 12,000. The Joint Life Policy Account appearing in the balance sheet at Rs. 20,000. What will be the treatment for the balance in Joint Life Policy i.e., Rs.8,000.
D's trial balance contains the following information:
Bad debts Rs. 500
Provision for bad debts Rs. 4,000
It is desired to maintain a provision of Rs. 3,000 at the end of the year Accounting treatment of this adjustment is_________________________.
F's trial balance contains the following information:
Discount received Rs.1,200
Provision for discount on creditors Rs.1,800
It is desired to maintain a provision for discount on creditors at Rs. 1,600
The amount to be credited to profit and loss a/c is________.
Closing stock appearing in the Trial Balance is shown in_____________.
The balances of all liabilities accounts, income accounts, profits, capital are placed in the ______of trial balance.
If there is a non agreement of trial balance the possible reasons could be__________________.
Which item is shown on the debit side of a trial balance?
All expense and _______accounts appearing in the trial balance are transferred to the trading and profit and loss account.
One difference between Operating and Financial lease is: