Test Your Knowledge on Trial Balance & Errors Chapter of Accountancy-Class XI-CBSE

 
Test Your Knowledge on Trial Balance & Errors Chapter of Accountancy-Class XI-CBSE

trial balance is a list of all the nominal ledger (general ledger) accounts contained in the ledger of a business. This list will contain the name of the nominal ledger account and the value of that nominal ledger account. The  purpose of a trial balance is to prove that the value of all the debit value balances equal the total of all the credit value balances.Trialing, by listing every nominal ledger balance, ensures accurate reporting of the nominal ledgers for use in financial reporting of a business’s performance. If the total of the debit column does not equal the total value of the credit column then this would show that there is an error in the nominal ledger accounts.

10 Quick Questions on Trial Balance & Errors

Trial Balance is:





From the following which is method for the preparation of Trial Balance:





Trial Balance is a part of Accounting Process:



Equality of Debit and Credit of the Trial Balance means that there are absolutely no errors in the books of accounts



Which A/c is opened when Trial Balance doesn't tally?





"Repairs on overhauling of second hand machinery purchased was debited to Repairs Account"- it is error of:





Rs. 2,000 paid for Furniture purchased, debited to Purchase A/c: This error will effect the Trial Balance



From the following which is :"Error not effecting Trial Balance"





Trial Balance is prepared:





Goods sold to Ram for Rs. 650 were recorded as Rs. 560 in the Sales Book: it is error of:







Watch the video to learn how to find out errors in trail balance.

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Comments

  1. Arslan says

    Hi I am trying to make my CV and I am not sure how to describe my duties. thats how I did it:

    Accounts Assistant
    Bank and Suppliers reconciliation
    Cash book accounting
    Nominal ledger entries
    Purchase Ledger general duties
    Preparing data for management information
    Other day to day accounting varied activities
    Use of Sage Line 100

    what do you think?

  2. SunnieB says

    ” The total at the end of the month’s sales day book is used and these have been posted from the day book into the nominal ledger accounts”

    I understand why it is double entry and what the debit and credit side is for.

    However, in the general ledger sales account why is the monthly total inputted in the credit side? I would have thought sales is a debit seeing as it’s income.

    Thanks.
    Thanks for your quick response.

    I can see from the pages in front of me that monthly totals are placed in the credit side for the sales account and the monthly totals are placed in the debit side for returns inwards.

    I don’t understand why? As it seems like it should be the otherway round. As the sales is money coming in, and returns means paying money out to reimburse customers.

  3. Jimmy Jones says

    An invoice from a finance company is not a trader creditors as such,but i believe that the same as solicitors and accountants invoices this can also be posted into purchase ledger and treated on the balance sheet as other creditors. I have been told that this should be posted in the nominal ledger as the finance company is not a trade creditor.

  4. My Love Is KING says

    his solicitors letter states that his business is being wound up where and how would you make this posting in the sales and nominal ledgers?

  5. john navarro says

    1. Which of the following is not a core module of accounting? (1 point)
    Accounts receivable
    Accounts payable
    Debt collection
    Purchase orders

    2. Which of the following is not a core module of accounting? (1 point)
    Accounts receivable
    Billing
    Stock inventory
    Debt collection
    3. What is a general ledger also known as? (1 point)
    A normal ledger
    A nominal ledger
    An enumerated ledger
    None of the above

  6. Jona says

    When closing entries are made:

    a. All ledger accounts are closed to start the new accounting period.
    b. All temporary accounts are closed but not the permanent accounts.
    c. All real accounts are closed but not the nominal accounts.
    d. All permanent accounts are closed but not the nominal accounts.
    e. All balance sheet accounts are closed.

  7. Mirz says

    I need to find out what a paid for a previous item

    Have looked through the search facility can’t seem to find it.

    i.e. if I was looking for the price I paid for paint

    I am running V12 of Sage Line 50

    At the moment I am looking through each invoice or purchase order to find it and its taking a while!!!

    Thank you.
    Oke doke, can look at the Nominal Ledger but it doesn’t tell me where I brought the paint for last time, plus it still means sifting through a big list of info

    We buy alot of paint lol

  8. Temika Tredway says

    Say you bought a factory for $10,000. Now, suppose it depreciates by $2000 each year. On year 1 you write:

    $10,000-$2000 = $8000

    so $8000 in net assets.

    But what do you do for year two????

    Do you take $8000- $2000 to get $6000?
    Or do you take $10,000 – $4000 to get $6000?

    Please help!

    Thanks!

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