Page 92 - ISCDEBK-XI

Trial Balance 13.9

Illustration 5.
Following Trial Balance as on 31st January, 2022 was prepared from the books of A.K. Paul:

Heads of Accounts L.F. Dr. Balance Cr. Balance
` `
Capital ....................................................................................................................................................... ... 6,00,000

Stock (1st January, 2021) ............................................................................................................................. 3,82,500 ...
Purchases/Sales ............................................................................................................................................... 4,48,700 6,18,100
Creditors ....................................................................................................................................................... ... 37,000
Reserve ....................................................................................................................................................... ... 18,000

Wages and Office Expenses ........................................................................................................................ 54,250 ...
Building ....................................................................................................................................................... 3,80,000 ...
Bank ....................................................................................................................................................... 7,650 ...
Total 12,73,100 12,73,100

The undermentioned transactions took place during the month of February, 2022:

Feb. 3 Cash received from Sampat in part payment of an old account, previously `
written off as bad debts ................................................................................................................................ 2,800
Feb. 5 Credit Sales ........................................................................................................................................................ 37,750

Feb. 15 Cash Purchases ................................................................................................................................................. 41,000
Feb. 20 Cash Received from Debtors ....................................................................................................................... 5,000
Allowed him discount .................................................................................................................................... 250
Feb. 21 Paid to Creditors .............................................................................................................................................. 10,000

Feb. 28 Cash Sales ........................................................................................................................................................... 16,300
Feb. 29 Paid wages and Office Expenses for the month .................................................................................. 13,100

All payments are made by cheque and all amounts received are paid into the bank on receipt.
Required: 1. Post the opening balances and transactions into the Ledger.

2. Prepare a Trial Balance as on 29th February, 2022.

Solution: Ledger
Dr. CAPITAL ACCOUNT Cr.
Date Particulars J.F. ` Date Particulars J.F. `
2022 2022
Feb. 29 To Balance c/d 6,00,000 Feb. 1 By Balance b/d 6,00,000
March 1 By Balance b/d 6,00,000