Answer Posted / maynk
Because trial balence is a balence/extract of every
ledger's balence ,each ledger having double effect which
goes to trial balence ,E.G for making payment one effect is
credit cash and dabit to party,every ledger with double
effect goes to only trial balence.
hence-closing stock is already included in
purchases+opening-Sales and each entry of three with double
effect shown in trial balence that is why closing stock is
not shown in trial balence.
| Is This Answer Correct ? | 17 Yes | 1 No |
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Alex’s Trial Balance at 31 December 2015 Dr (BWP) Cr (BWP) Capital 18 240 Bank overdraft 3 000 Fixtures and fittings 14 100 Provision for depreciation-fixtures and fittings 8 800 Inventory 14 200 Trade receivables 12 300 Trade payables 9 900 Revenue 110 000 Purchases 51 000 Discount received 1 800 Wages and salaries 26 000 Sundry expenses 34 000 Discount allowed 620 217 540 ======= 86 420 ======== Required: i Prepare the corrected trial balance at 31 December 2015. (7 marks) ii Show any difference you find as a balance on an appropriate account.
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