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Q. No. 1: There are several Mistakes in the Umer & Brothers (Pvt.) Ltd. Trial Balance. You are requested to identify Errors and make corrected Trial Balance? (10) S. No Ref Debit Credit 1 1,551 Heads of Accounts Umer Owner Equity Umer Drawings Equipments 2 560 3 2.850 4 Sales 2.850 530 5 Due from Customers 6 Purchases 1.260 7 Purchase Return 364 8 Bank Loan 996 9 Creditors Taxes 528 720 10 11 Cash in Hand 226 12 Note Payable 680 13 Inventory 264 14 461 Repair Return Inward 15 98 Total Rs. 7,649 Rs. 6,289
| SOLUTION: | ||||
| Umer & Brothers (Pvt.) Ltd. | ||||
| TRIAL BALANCE | ||||
| S.No. | Heads Of Accounts | Ref | Debit | Credit |
| 1 | Owners Equity | 1551 | ||
| 2 | Umer Drawings | 560 | ||
| 3 | Equipments | 2850 | ||
| 4 | Sales | 2850 | ||
| 5 | Due From Customers | 530 | ||
| 6 | Purchase | 1260 | ||
| 7 | Purchase Return | 364 | ||
| 8 | Bank Loan | 996 | ||
| 9 | Creditors | 528 | ||
| 10 | Taxes | 720 | ||
| 11 | Cash In Hand | 226 | ||
| 12 | Note Payable | 680 | ||
| 13 | Inventory | 264 | ||
| 14 | Repair | 461 | ||
| 15 | Return Inward | 98 | ||
| TOTAL | 6969 | 6969 | ||
| S.No. | Heads Of Accounts | Amount | Original posting | Corrected Posting |
| 5 | DUE FROM CUSTOMERS | 530 | Credit | Debit |
| 7 | Purchase Return | 364 | Debit | Credit |
| 9 | Creditors | 528 | Debit | Credit |
| 12 | Note Payable | 680 | Debit | Credit |
| 13 | Inventory | 264 | Credit | Debit |
| 15 | Return Inward | 98 | Credit | Debit |
