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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

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

Comments ( 15 )

  1. accounting stuff

  2. 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?

  3. office supplies £15 – which nominal code should I use NC0030 – Office equipment or NC7504 – Office stationery

  4. ” 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 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.

  5. Jorge R Carvalho
    March 11, 2012 at 8:51 PM

    answer brifley and dont give me links to touritals in accounting

  6. 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.

  7. A) The petty cash book

    B) The journal

    C) The sales day book

    D) The purchase ledger

  8. 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?

  9. 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
    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

  10. The purchase of tel services and fixed assets is on credit

  11. 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.

  12. Thanks for helping out being detailed I don’t need more answers now.

  13. 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

  14. 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!


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