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C hapter 7: The trial balance
Contents of chapter
This chapter shows how trial balances are drawn up to check the accuracy of entries in the accounts and identify errors in the book

s.

Notes for teachers
1 2 3 Students should know that a trial balance is not part of the double entry system. The steps for preparing a trial balance are shown on p. 60. When a trial balance does not balance, it may be due to any of the following factors: (i) (ii) The balance has been shown on the wrong side of the trial balance. In this case, the difference in the trial balance will be twice the amount of the balance entered wrongly. A transaction has only been entered once, i.e. double entry is not completed. Compare the trial balance difference against the amounts of the transactions. Same figure for a transaction will give a clue as to the error.

(iii) An incorrect amount has been calculated as the balance. Additions will have to be checked. (iv) Other incorrect additions have been made. All additions will have to be checked. (v) A transaction has been entered on the debit side as one figure and a different figure on the credit side. Only detailed checking will find this error.

4

There is no point at this stage in looking at details of all the possible kinds of errors that can be made and yet the trial balance still ‘balances’. This is dealt with in Chapters 25 and 26.

23

Answers to MCQs and exercises
7.1 7.6
Capital (31) Balance c/f $ 250 (1) Cash (1) Capital $ 250 (6) Rent (15) Carriage (31) Balance c/f 250 Bank (9) Better Modes (10) K Shun $ 43 (12) M Goh 150 (12) Elite Co (31) Rent (31) Balance c/f 193 Purchases (2) (2) (2) (2) (2) (18) (18) Elite Co K Ma M Goh M Bei L Lo K Ma M Bei $ 54 (31) Balance c/f 87 25 76 64 43 110 459 Sales (31) Balance c/f $ 348 (4) (4) (4) (21) 348 Elite Co (12) Bank $ 54 (2) K Ma (31) Balance c/f $ 130 (2) Purchases (18) Purchases 130 $ 87 43 130 Purchases $ 54 (15) Cash Better Modes C Hung K Shun C Hung $ 43 62 176 67 348 Rent (6) Cash (31) Bank $ 12 (31) Balance c/f 18 30 Carriage $ 23 (31) Balance c/f $ 23 $ 30 30 $ 459 (4) Sales (21) Sales $ 25 54 18 96 193 (31) Balance c/f $ 12 23 215 250 (31) Balance c/f Cash $ 250 (12) Bank M Goh $ 25 (2) M Bei $ 186 (2) Purchases (18) Purchases 186 L Lo $ 64 (2) Purchases $ 64 $ 76 110 186 Purchases $ 25 C

7.2

D

7.3

C

7.4

C

7.5

D

Better Modes (4) Sales $ 43 (9) C Hung $ 62 (31) Balance c/f 67 129 K Shun (4) Sales $ 176 (10) Bank (31) Balance c/f 176 $ 150 26 176 $ 129 129 Bank $ 43

459

24

Trial Balance as at 31 May 20X6 Dr $ Capital Cash Bank Purchases Sales K Ma M Bei L Lo C Hung K Shun Rent Carriage 215 96 459 348 130 186 64 129 26 30 23 978 978 Cr $ 250

7.7
Capital (31) Balance c/f $ 800 (1) Bank (1) Capital (24) Cathay Ltd $ 800 (17) L Hang 95 (21) Betta Ltd (31) Van (31) Balance c/f 895 Cash (5) Sales (30) Loan from J King $ 87 (6) 60 (9) (12) (31) 147 Purchases (2) (2) (2) (9) (10) (10) K Ho L Hang Best Wear Cash L Hang Best Wear $ 76 (31) Balance c/f 27 56 46 57 98 360 $ 360 (17) Bank Wages Purchases Wages Balance c/f $ 14 46 14 73 147 $ 84 50 400 361 895 (31) Balance c/f Bank $ 800 (31) Balance c/f Sales $ 291 (5) (7) (7) (7) (13) (13) 291 Cash Ever Lasting Ltd L Lee Cathay Ltd L Lee Cathay Ltd $ 87 35 42 72 32 23 291

Returns Outwards $ 44 (18) Best Wear (27) K Ho 44 K Ho (27) Returns outwards (31) Balance c/f $ 24 (2) 52 76 L Hang $ 84 (2) Purchases (10) Purchases 84 Best Wear (18) Returns outwards (31) Balance c/f $ 20 (2) Purchases 134 (10) Purchases 154 $ 56 98 154 $ 27 57 84 Purchases $ 76 76 $ 20 24 44

360

25

Wages (6) Cash (12) Cash $ 14 (31) Balance c/f 14 28 Ever Lasting Ltd (7) Sales $ 35 (31) Balance c/f L Lee (7) Sales (13) Sales $ 42 (31) Balance c/f 32 74 Cathay Ltd (7) Sales (13) Sales $ 72 (24) Bank 23 95 Shop Fixtures (15) Betta Ltd $ 50 (31) Balance c/f Betta Ltd (21) Bank $ 50 (15) Shop fixtures $ 50 $ 50 $ 95 95 $ 74 74 Capital Bank Cash Purchases Sales Returns outwards K Ho Best Wear Wages Ever Lasting Ltd L Lee Shop fixtures Loan from J King Van $ 35 $ 28 28 (31) Bank (31) Balance c/f

Loan from J King $ 60 (30) Cash Van $ 400 (31) Balance c/f Trial Balance as at 31 March 20X6 Dr $ 361 73 360 291 44 52 134 28 35 74 50 60 400 1,381 1,381 Cr $ 800 $ 400 $ 60

7.8X
Capital 20X6 May 31 Balance c/f $ 20X6 12,000 May 1 Cash Cash 20X6 May 1 Capital " 5 Sales $ 20X6 $ 12,000 May 2 Bank 7,500 350 " 15 Office stationery 60 " 17 Wages 1,000 " 29 Drawings 200 " 31 Telephone expenses 80 " 31 Balance c/f 3,510 12,350 12,350 Bank 20X6 $ 20X6 $ May 2 Cash 7,500 May 3 Office fixture 185 " 24 Glamour Ltd 300 " 7 Rent 2,500 " 24 A Wu 200 " 16 Design Ltd 500 " 16 Bargains Ltd 400 " 31 Balance c/f 4,415 8,000 8,000 $ 12,000 20X6 May 2 " 2 " 2 " 2 " 10 " 10 Bargains Ltd R Chu K Mei A Lo R Chu Sun Ltd Purchases $ 20X6 400 May 31 Balance c/f 250 380 290 340 280 1,940 Bargains Ltd 20X6 May 16 Bank $ 20X6 400 May 2 Purchases R Chu 20X6 May 31 Balance c/f $ 20X6 590 May 2 Purchases " 10 Purchases 590 $ 250 340 590 $ 400 $ 1,940

1,940

26

K Mei 20X6 $ 20X6 May 20 Returns outwards 60 May 2 Purchases " 31 Balance c/f 320 380 A Lo 20X6 $ 20X6 May 20 Returns outwards 50 May 2 Purchases " 31 Balance c/f 240 290 Office Fixture 20X6 May 3 Bank " 14 Design Ltd $ 20X6 185 May 31 Balance c/f 500 685 Sales 20X6 May 31 Balance c/f $ 20X6 1,690 May 5 " 6 " 6 " 6 " 13 " 13 1,690 Glamour Ltd 20X6 May 6 Sales " 13 Sales $ 20X6 340 May 24 Bank 200 " 31 Balance c/f 540 R Tse 20X6 May 6 Sales " 13 Sales $ 20X6 200 May 31 Balance c/f 150 350 A Wu 20X6 May 6 Sales $ 20X6 450 May 24 Bank " 31 Balance c/f 450 Rent 20X6 May 7 Bank $ 20X6 2,500 May 31 Balance c/f Sun Ltd 20X6 May 31 Balance c/f $ 20X6 280 May 10 Purchases $ 280 $ 2,500 $ 200 250 450 $ 350 350 $ 300 240 540 Cash Glamour Ltd R Tse A Wu Glamour Ltd R Tse $ 350 340 200 450 200 150 1,690 20X6 May 29 Cash $ 685 685 20X6 May 31 Balance c/f $ 290 290 20X6 May 17 Cash $ 380 380 20X6 May 15 Cash 20X6 May 16 Bank

Design Ltd $ 20X6 500 May 14 Office fixture Office Stationery $ 20X6 60 May 31 Balance c/f Wages $ 20X6 1,000 May 31 Balance c/f Returns Outwards $ 20X6 110 May 20 K Mei " 20 A Lo 110 Drawings $ 20X6 200 May 31 Balance c/f Telephone Expenses 20X6 May 31 Cash $ 20X6 80 May 31 Balance c/f F Kwok Trial Balance as at 31 May 20X6 Dr $ Capital Cash Bank Purchases Creditors: R Chu K Mei A Lo Sun Ltd Office fixture Sales Debtors: Glamour Ltd R Tse A Wu Rent Office stationery Wages Returns outwards Drawings Telephone expenses 3,510 4,415 1,940 590 320 240 280 685 1,690 240 350 250 2,500 60 1,000 110 200 80 15,230 Cr $ 12,000 $ 80 $ 200 $ 60 50 110 $ 1,000 $ 60 $ 500

15,230

27

7.9
Capital (30) Balance c/f $ 650 (1) (1) 650 Bank (1) Capital (25) P Pak $ 600 (5) 43 (7) (21) (21) (30) 643 Cash (1) Capital (23) H Hang (26) Sales $ 50 (4) 66 (15) 34 (20) (27) (29) (30) 150 Purchases (2) (4) (11) (11) (11) Jubilee Ltd Cash Jubilee Ltd K Moon T Hui $ 500 (30) Balance c/f 23 240 62 46 871 Sales (30) Balance c/f $ 438 (3) (3) (3) (9) (9) (9) (26) (30) (30) (30) 438 H Hang New City Ltd P Pak Broadwater Ltd K Luen M Ma Cash New City Ltd Evergreen Ltd K Luen $ 66 25 43 24 26 65 34 43 67 45 438 $ 871 (5) Bank Van $ 256 (30) Balance c/f Motor Expenses 871 (7) Bank (15) Cash $ 12 (30) Balance c/f 5 17 Broadwater Ltd (9) Sales $ 24 (30) Balance c/f K Luen (9) Sales (30) Sales $ 26 (30) Balance c/f 45 71 M Ma $ 25 42 67 (9) Sales $ 65 (30) Balance c/f $ 65 $ 71 71 $ 24 $ 17 17 $ 256 Purchases Motor expenses Drawings Drawings Postage Balance c/f $ 23 5 10 24 4 84 150 (3) Sales Van Motor expenses K Moon T Hui Balance c/f $ 256 12 62 46 267 643 Bank Cash $ 600 50 650 (19) New City Ltd Returns Inwards $ 11 (30) Balance c/f Jubilee Ltd (13) Returns outwards (28) Returns outwards (30) Balance c/f $ 25 (2) Purchases 42 (11) Purchases 673 740 H Hang (3) Sales $ 66 (23) Cash New City Ltd (3) Sales (30) Sales $ 25 (19) Returns inwards 43 (30) Balance c/f 68 P Pak $ 43 (25) Bank $ 43 $ 11 57 68 $ 66 $ 500 240 740 $ 11

Returns Outwards (30) Balance c/f $ 67 (13) Jubilee Ltd (28) Jubilee Ltd 67

28

K Moon (21) Bank $ 62 (11) Purchases T Hui (21) Bank $ 46 (11) Purchases Drawings (20) Cash (27) Cash $ 10 (30) Balance c/f 24 34 Postage (29) Cash $ 4 (30) Balance c/f Evergreen Ltd (30) Sales $ 67 (30) Balance c/f $ 67 $ 4 $ 34 34 $ 46 $ 62

Trial Balance as at 30 June 20X8 Dr $ Capital Bank Cash Purchases Sales Returns outwards Returns inwards Jubilee Ltd New City Ltd Van Motor expenses Broadwater Ltd K Luen M Ma Drawings Postage Evergreen Ltd 267 84 871 438 67 11 673 57 256 17 24 71 65 34 4 67 1,828 Cr $ 650

1,828

7.10X
Capital 20X5 Nov 30 Balance c/f $ 20X5 5,300 Nov 1 Bank " 30 Bank 5,300 Bank 20X5 Nov 1 " 28 " 28 " 30 Capital L Mee K Au Capital $ 20X5 5,000 Nov 6 Rent 44 " 7 Rates 30 " 23 T Hip 300 " 23 K Sun " 23 R&B Ltd " 25 Van " 30 Balance c/f 5,374 Purchases 20X5 Nov 3 " 3 " 3 " 3 " 19 " 19 " 19 T Hip K Sun R&B Ltd T Po T Po R&B Ltd D Chen $ 20X5 160 Nov 30 Balance c/f 230 400 310 80 270 130 1,580 $ 1,580 $ 20 190 146 230 300 700 3,788 5,374 20X5 Nov 23 Bank $ 5,000 300 5,300 T Hip 20X5 $ 20X5 Nov 18 Returns outwards 14 Nov 3 Purchases " 23 Bank 146 160 K Sun $ 20X5 230 Nov 3 Purchases R&B Ltd 20X5 Nov 23 Bank " 30 Balance c/f $ 20X5 300 Nov 3 Purchases 370 " 19 Purchases 670 T Po 20X5 $ 20X5 Nov 18 Returns outwards 20 Nov 3 Purchases " 30 Balance c/f 370 " 19 Purchases 390 Cash 20X5 $ 20X5 Nov 5 Sales 240 Nov 17 Wages " 26 Loan from A Wong 400 " 30 Balance c/f 640 $ 40 600 640 $ 310 80 390 $ 400 270 670 $ 230 $ 160 160

1,580

29

Sales 20X5 Nov 30 Balance c/f $ 20X5 1,490 Nov 5 " 11 " 11 " 11 1,490 Rent 20X5 Nov 6 Bank $ 20X5 20 Nov 30 Balance c/f Rates 20X5 Nov 7 Bank $ 20X5 190 Nov 30 Balance c/f L Mee 20X5 Nov 11 Sales $ 20X5 $ 48 Nov 20 Returns inwards 4 " 28 Bank 44 48 48 K Au 20X5 Nov 11 Sales $ 20X5 $ 32 Nov 20 Returns inwards 2 " 28 Bank 30 32 32 R Hung 20X5 Nov 11 Sales $ 20X5 1,170 Nov 30 Balance c/f Wages 20X5 Nov 17 Cash $ 20X5 40 Nov 30 Balance c/f Returns Outwards 20X5 Nov 30 Balance c/f $ 20X5 34 Nov 18 T Hip " 18 T Po 34 D Chen 20X5 Nov 30 Balance c/f $ 20X5 130 Nov 19 Purchases $ 130 $ 14 20 34 $ 40 $ 1,170 Capital Bank Purchases R&B Ltd T Po Cash Sales Rent Rates R Hung Wages Returns outwards D Chen Returns inwards Van U Z Motors Loan from A Wong 20X5 Nov 30 Balance c/f $ 190 20X5 Nov 30 Balance c/f $ 20 Cash L Mee K Au R Hung $ 240 48 32 1,170 1,490 20X5 Nov 21 U Z Motors " 25 Bank 20X5 Nov 20 K Au " 20 L Mee

Returns Inwards $ 20X5 2 Nov 30 Balance c/f 4 6 Van $ 20X5 500 Nov 30 Balance c/f 700 1,200 U Z Motors $ 20X5 500 Nov 21 Van Loan from A Wong $ 20X5 400 Nov 26 Cash $ 400 $ 500 $ 1,200 1,200 $ 6 6

Trial Balance as at 30 November 20X5 Dr $ 3,788 1,580 370 370 600 1,490 20 190 1,170 40 34 130 6 1,200 500 400 8,594 Cr $ 5,300

8,594

30

7.11
(a) P Lee Trial Balance as at 30 June 20X7 Dr $ Capital Fixtures Sales ($17,500 + $200 + $260) Purchases ($12,100 + $420 – $480) Returns inwards ($350 + $35) Returns outwards ($420 + $50) Wages ($1,900 + $600) Rent Postage Commission Commission received Debtors: T Shek ($490 + $200 – $35) A Hip ($830 + $260 – $500) Creditors: L Chan F Law Drawings Bank 5,770 17,960 12,040 385 470 2,500 3,550 28 85 780 655 590 210 420 480 4,557 30,640 Cr $ 10,800

30,640

(b) 20X7 Jun 30 Balance b/f " 30 A Hip

Bank $ 5,110 500 20X7 Jun 30 " 30 " 30 " 30 " 30 Wages Postage Commission W Yau Balance c/f $ 600 28 85 340 4,557 5,610

5,610

31

7.12X
K Wong Trial Balance as at 31 May 20X8 Dr $ 12,000 5,510 1,750 1,660 870 1,230 140 Cr $

Buildings Machinery Office equipment Fixtures ($1,800 – $140) Debtors: T Mee T T Ltd ($1,010 + $220) Sun Supplies Creditors: Sing Ltd ($690 + $500) W Mei ($500 – $45) Salaries and wages General expenses ($610 + $160) Rent Sales ($28,700 + $220) Purchases ($18,120 + $500) Returns outwards Returns inwards Bank ($8,020 – $1,750 – $3,800 – $2,000) Cash ($5,000 – $160) Capital ($18,280 + $5,000)

1,190 455 1,870 770 3,800 28,920 18,620 45 360 470 4,840 53,890 Bank 23,280 53,890

20X8 May 31 Balance b/f

$ 8,020

20X8 May 31 " 31 " 31 " 31

Office equipment Rent Loan from K Tse Balance c/f

8,020

$ 1,750 3,800 2,000 470 8,020

7.13X
All transactions of a business are recorded in books using double entry methods. Therefore, each transaction would have a debit entry and a credit entry. When we post the debit balances and credit balances of all the accounts in books to a trial balance, the total of all debit balances would always be the same as the total of all credit balances. The two sides of a trial balance are always equal.

32


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