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 NameDebit (\$)Credit (\$)
Cash5,000
Accounts Receivable8,500
Office Supplies750
Equipment12,000
Accounts Payable4,200
Salaries Expense6,000
Rent Expense1,200
Utilities Expense800
Owner's Equity4,500
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 NameDebit (\$)Credit (\$)
Cash10,000
Accounts Receivable6,500
Prepaid Rent2,000
Equipment15,000
Accounts Payable7,800
Consultation Revenue8,200
Salaries Expense4,000
Utilities Expense700
Owner's Equity7,000
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

AccountDebit (\$)Credit (\$)
Cash10,000
Accounts Receivable5,000
Inventory7,500
Equipment20,000
Accounts Payable3,000
Loan Payable12,000
Common Stock15,000
Retained Earnings7,500
Sales Revenue25,000
Salaries Expense4,000
Rent Expense1,500
Utilities Expense800
Total48,80063,000

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.