By S. Hall, N. Skene Smith
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Extra resources for Accounting Principles and Practice. The Commonwealth and International Library: Commerce, Economics and...
It can be assumed that a Trial Balance would balance for we are not examining the examiner. However, we have to prepare a rough Trial Balance in order to know whether the balance for Discount is debit or credit. A shorter method is to ring the credit items (usually fewer in number). Then adding the ringed and unringed items separately we have the totals of a Trial Balance. The Bad Debts and Rent & Rates Account perhaps need writing out for easier comprehension. Later, practice will make this unnecessary.
The following balances were extracted from his ledger. 42 A C C O U N T I N G P R I N C I P L E S AND P R A C T I C E £ £ 420 Sales 24,200 Heating and Lighting 380 Purchases 16,180 Rent and Rates Salaries and Wages 4,000 Shop Fixtures and Fittings 2,160 2,400 Discounts 300 Stock 1,210 Returns on Sales 1,100 Drawings 1,810 Debtors 1,410 Creditors 190 Bad Debts Provision 300 Bad Debts written off 3,904 Sundry Expenses 210 Capital 816 Cash 810 Returns on Purchases 220 Motor Van 640 Motor Expenses (a) The Stock at 30th September, 1962 was £1,810.
TAt September 30th, 1961, the directors of XY Ltd. created a provision in their accounts against the following debts which they consider to be of doubtful nature: £. s. d. Smith Ltd. 250. 7. 2. Jones 5. 9. 4. T. Robinson 26. 13. 3. A. Brown 30. 14. 6. During the year ended 30th September, 1962, no further business was done with any of these debtors, but a first and final dividend of £85 was received from the liquidator of Smith Ltd. and T. Robinson paid his debt in full. A further debt of £100.