1.

Identify the mistakes crept into the trial balance and redraft it in its proper form.Trial BalanceAccount TitleLFDebitCreditCapital30,000Rent1,700Salary2,000Building20,000Furniture10,000Stock on 1.4.20057,000Cash in hand2,000  creditors15,400  Sales20,000  Purchases12,000  Wages1,000  Commission received300   Debtors10,000Total96,10035,300

Answer»
Account TitleLFDebitCredit
Capital30,000
Rent1,700
Salary2,000
Building20,000
Furniture10,000
Stock on 1.4.20057,000
Cash in hand2,000
  creditors15,400
  Sales20,000
  Purchases12,000
  Wages1,000
  Commission received300
   Debtors10,000
Total65,70065,700


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