Download PDF Trial Balance Questions With Solutions PDF
Hello Learns
Today we are going to solve some questions on trial balance. in the world of accounting trial balance is a critical tool to check the accuracy of their financial records. You guys should know how to trial balance for any company balance sheet.
Due to its importance, we added some questions for trial balance so that you guys can solve these questions and clear the concept.
What is Trial Balance?
A trial balance is a statement that helps to provide a snapshot of a company's financial position at a specific point in time.
trial balance includes the list of all general ledger accounts with their balance (divided into two columns: debit and credit.).
When the total of the debit column equals the total of the credit column, then the trial balance is said to be balanced.
Why we use Trial Balance
Trial Balance helps to ensure the accuracy of accounting records and detect Errors in the accounting process.
Now let's solve some trial balance questions
Trial Balance Questions With Solutions PDF
Question 1: XYZ Company Trial Balance - December 31, 2023
- Find Missing Values
- Check if the trial balance is balanced
| Account Name | Debit ($) | Credit ($) |
|---|---|---|
| Cash | 5,000 | |
| Accounts Receivable | 8,500 | |
| Office Supplies | 750 | |
| Equipment | 12,000 | |
| Accounts Payable | 4,200 | |
| Salaries Expense | 6,000 | |
| Rent Expense | 1,200 | |
| Utilities Expense | 800 | |
| Owner's Equity | 4,500 | |
| Total | ? | ? |
- Solution:
Find Missing Credit
In the first Step We need to find the missing values:
Total Debit = $5,000 + $8,500 + $12,000 + $6,000 + $800 + $4,500 = $36,800
Total Credit = $750 + $4,200 + $1,200 = $6,150
Now, to balance the equation:
Total Debit = Total Credit
$36,800 = $6,150 + X (where X is the missing credit)
X = $36,800 - $6,150
X = $30,650
- So, the missing credit is $30,650.
Find Missing Debit
Missing Debit = Total Debit - Missing Credit
Missing Debit = $36,800 - $30,650
Missing Debit = $6,150
- So, the missing debit value is $6,150.
Check if the trial balance is balanced?
Now let's check if the trial balance is balanced:
Total Debit = $36,800
Total Credit = $6,150 (missing credit) + $750 + $4,200 + $1,200 = $6,150 + $6,150 = $12,300
The answer is no because Total Debit is not equal to Total Credit.
Question 2: Trial Balance for ABC Consulting - January 15, 2023
- Find Missing Values
- Check if the trial balance is balanced
| Account Name | Debit ($) | Credit ($) |
|---|---|---|
| Cash | 10,000 | |
| Accounts Receivable | 6,500 | |
| Prepaid Rent | 2,000 | |
| Equipment | 15,000 | |
| Accounts Payable | 7,800 | |
| Consultation Revenue | 8,200 | |
| Salaries Expense | 4,000 | |
| Utilities Expense | 700 | |
| Owner's Equity | 7,000 | |
| Total | ? | ? |
- Solution :
Find Missing Credit Value
Total Debit = $10,000 + $6,500 + $15,000 + $8,200 + $4,000 + $700 + $7,000 = $51,400
Total Credit = $2,000 + $7,800 = $9,800
Now, to balance the equation:
Total Debit = Total Credit
$51,400 = $9,800 + X (where X is the missing credit)
X = $51,400 - $9,800
X = $41,600
So, the missing credit is $41,600.
Find Missing Debit Value
Missing Debit = Total Debit - Missing Credit
Missing Debit = $10,000 + $6,500 + $15,000 + $8,200 + $4,000 + $700 + $7,000 - $41,600
Missing Debit = $51,400 - $41,600
Missing Debit = $9,800
So, the missing debit value is $9,800.
Check if the trial balance is balanced?
In this case, Total Debit ($51,400) does not equal Total Credit ($41,600) that's why the trial balance is balanced.
Trial balance questions with solutions For class 11
If you guys are class 11 students then you can try these questions on trial balance:
- Question 1:
On December 31, 2022, XYZ Company provided the following trial balance:
Cash: $10,000
Accounts Receivable: $5,000
Inventory: $7,500
Equipment: $20,000
Accounts Payable: $3,000
Loan Payable: $12,000
Common Stock: $15,000
Retained Earnings: $7,500
Sales Revenue: $25,000
Salaries Expense: $4,000
Rent Expense: $1,500
Utilities Expense: $800
- Solution
| Account | Debit ($) | Credit ($) |
|---|---|---|
| Cash | 10,000 | |
| Accounts Receivable | 5,000 | |
| Inventory | 7,500 | |
| Equipment | 20,000 | |
| Accounts Payable | 3,000 | |
| Loan Payable | 12,000 | |
| Common Stock | 15,000 | |
| Retained Earnings | 7,500 | |
| Sales Revenue | 25,000 | |
| Salaries Expense | 4,000 | |
| Rent Expense | 1,500 | |
| Utilities Expense | 800 | |
| Total | 48,800 | 63,000 |
Now let's calculate:
- Total Assets:
Total Assets = Cash + Accounts Receivable + Inventory + Equipment
Total Assets = $10,000 + $5,000 + $7,500 + $20,000
Total Assets = $42,500
- Total Liabilities:
Total Liabilities = Accounts Payable + Loan Payable
Total Liabilities = $3,000 + $12,000
Total Liabilities = $15,000
- Total Equity: it represents the ownership interest in the company, which includes Common Stock and Retained Earnings.
Total Equity = Common Stock + Retained Earnings
Total Equity = $15,000 + $7,500
Total Equity = $22,500
- Net Income:
Net Income = Sales Revenue - (Salaries Expense + Rent Expense + Utilities Expense)
Net Income = $25,000 - ($4,000 + $1,500 + $800)
Net Income = $25,000 - $6,300
Net Income = $18,700
- Total Equity (Alternate Calculation):
Total Equity = Total Assets - Total Liabilities
Total Equity = $42,500 - $15,000
Total Equity = $27,500
Conclusion
Here in this post, we add some questions on trial balance with solution so if you are an accounting student then you should try these questions and clear your basics.
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