The following Trial Balance was drawn by an apprentice in the field. Although both sides were equal, it has been done incorrectly. You are required to re-draft the Trial Balance correctly.
Trial Balance for the year ended Mar 31, 2010
|
Debit |
Credit |
|
|
Capital |
3,00,000 |
|
|
Opening Stock |
49,770 |
– |
|
Closing Stock |
– |
61,740 |
|
Sundry Creditors |
– |
37,500 |
|
Sundry Debtors |
62,280 |
– |
|
Machinery |
2,37,000 |
– |
|
Gross Purchases |
1,82,760 |
– |
|
Gross Sales |
– |
3,07,800 |
|
Returns Inwards |
7,200 |
– |
|
Returns Outwards |
– |
3,690 |
|
Carriage Inwards |
2,400 |
– |
|
Carriage Outwards |
– |
5,550 |
|
Import Duty |
3,600 |
– |
|
Export Duty |
– |
2,400 |
|
Wages and Salaries |
94,200 |
– |
|
Bills Receivables |
45,000 |
24,000 |
|
Bills Payable |
– |
– |
|
Rent Receivable |
11,400 |
3,300 |
|
Rent Paid |
– |
2,610 |
|
Commission Received |
– |
2,280 |
|
Discount Allowed |
– |
– |
|
Rates and Taxes |
21,390 |
– |
|
Bank Overdraft |
33,000 |
– |
|
Cash-in-Hand |
1,140 |
– |
|
7,50,870 |
7,50,870 |