Related InterviewSolutions

• Salary of Rs. 2,100 paid was posted as Rs. 2,000 in Salary A/c and Advertisment of Rs. 7,700 was posted as Rs. 7,800. Identify the type of error.
• From the following ledger balances prepare trial balance : Capital Rs. 20,800, Rent outstanding Rs. 1,420, Amount due to Param, Rs. 15,000, Drawing Rs. 2,800, Goodwill Rs. 12,000, interest received Rs. 2,000, Discount received Rs. 1,580, Amount due from Deepan Rs. 26,000.
• State whether the balance of the following accounts should be placed in the debit (or) the credit columns of the trial balance: `{:("(i) Plant and Machinery",,"(ii) Discount allowed"),(" (iii) Bank overdraft ",,"(iv) Sales"),("(v) Interest Paid",,"(vi) Bad Debts"):}`
• What is Trial balance ? Does the balancing of this ensure accuracy of books of accounts.
• Which of the following errors is revealed by the Trial Balance :A. Wrong amount entered into the book of original entryB. Wrong amount posted in the ledger accountC. Complete omission of an entry from the books of original entryD. When accounting principle is violated while recording a transaction in the books of account