Q. No. 1: There are several Mistakes in the Umer & Brothers (Pvt.) Ltd. Trial Balance. You are requested to identify

Question

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

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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

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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