Chapter 7 Book-keeping The Trial Balance Students
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Book-keeping The Trial Balance
Chapter 7
Wood/Robinson: Book-keeping and Accounts, 6e, © T. Sijtsma 2007
7-1
Learning Objective 1
Understand why the trial balance totals should equal one another
Wood/Robinson: Book-keeping and Accounts, 6e, © T. Sijtsma
7-2
Learning the trial balance totals should equal one another
Total debit entries = Total credit entries • For each debit entry there is a credit entry. • For each credit entry there is a debit entry.
Wood/Robinson: Book-keeping and Accounts, 6e, © T. Sijtsma
7-3
Trial Balance A worked example
Exercise Exercise 7.3X: 7.3X: -- Record Record transactions transactions in in the the books books of of C C Hilton; Hilton; -- Balance Balance off off the the accounts; accounts; -- Extract Extract aa trial trial balance balance as as at at 30 30 June June 2006. 2006.
Wood/Robinson: Book-keeping and Accounts, 6e, © T. Sijtsma
7-4
Trial Balance A worked example 7.3
June June11CCHilton Hiltonstarted startedin inbusiness businesswith with₤9,000 ₤9,000in incash cash
Homework for students before Lecture book-keeping on Wednesday 3 December: Make double entry on accounts of worked example 7.3
Wood/Robinson: Book-keeping and Accounts, 6e, © T. Sijtsma
7-5
Trial Balance A worked example 7.3
June June22Paid Paid₤8,000 ₤8,000of ofthe thecash cashinto intoaabank bankaccount account
Wood/Robinson: Book-keeping and Accounts, 6e, © T. Sijtsma
7-6
Trial Balance: a worked example 7.3
June June44Paid Paidrent rentfor forshop shop₤300 ₤300by bycheque cheque
Wood/Robinson: Book-keeping and Accounts, 6e, © T. Sijtsma
7-7
Trial Balance: a worked example 7.3
June June66Bought Boughtgoods goodson oncredit creditfrom fromMoorlands Moorlands&&Co. Co.₤675; ₤675; JJSwain Swain₤312; ₤312;BBMerton Merton₤225 ₤225
Wood/Robinson: Book-keeping and Accounts, 6e, © T. Sijtsma
7-8
Trial Balance: a worked example 7.3
June June12 12Sold Soldgoods goodsfor forcash, cash,₤450 ₤450
Wood/Robinson: Book-keeping and Accounts, 6e, © T. Sijtsma
7-9
Trial Balance: a worked example 7.3
June June13 13Bought Boughtfixtures, fixtures,paying payingby bycheque, cheque,₤230 ₤230
Wood/Robinson: Book-keeping and Accounts, 6e, © T. Sijtsma
7 - 10
Trial Balance: a worked example 7.3
June June15 15Sold Soldgoods goodson oncredit creditTTGreen Green₤180; ₤180;KKWood Wood₤367; ₤367; PPBrown Brown₤256 ₤256
Wood/Robinson: Book-keeping and Accounts, 6e, © T. Sijtsma
7 - 11
Trial Balance: a worked example 7.3
June June18 18Sold Soldgoods goodsfor forcash, cash,₤220 ₤220
Wood/Robinson: Book-keeping and Accounts, 6e, © T. Sijtsma
7 - 12
Trial Balance: a worked example 7.3
June June20 20Paid PaidMoorlands Moorlands&&Co Coby bycheque cheque₤675 ₤675and and BBMerton Merton₤225 ₤225
Wood/Robinson: Book-keeping and Accounts, 6e, © T. Sijtsma
7 - 13
Trial Balance: a worked example 7.3
June June21 21Returned Returnedgoods goodsto toJJSwain Swain₤112 ₤112and andpaid paidthe theoutstanding outstanding balance balanceon ontheir theiraccount accountby bycheque cheque
Wood/Robinson: Book-keeping and Accounts, 6e, © T. Sijtsma
7 - 14
Trial Balance: a worked example 7.3
June June24 24Bought Boughtgoods goodson oncredit creditfrom fromMoorlands Moorlands&&Co Co₤220 ₤220and and JJSwain Swain₤92 ₤92
Wood/Robinson: Book-keeping and Accounts, 6e, © T. Sijtsma
7 - 15
Trial Balance: a worked example 7.3
June June26 26Paid Paidwages wagesin incash, cash,₤366 ₤366
Wood/Robinson: Book-keeping and Accounts, 6e, © T. Sijtsma
7 - 16
Trial Balance: a worked example 7.3
June June27 27Cash Cashdrawings, drawings,₤200 ₤200
Wood/Robinson: Book-keeping and Accounts, 6e, © T. Sijtsma
7 - 17
Trial Balance: a worked example 7.3
June June29 29Bought Boughtmotor motorvan, van,paying payingby bycheque, cheque,₤4,000 ₤4,000
Wood/Robinson: Book-keeping and Accounts, 6e, © T. Sijtsma
7 - 18
Trial Balance: a worked example 7.3
June June30 30Sold Soldgoods goodson oncredit creditto toTTGreen Green₤300; ₤300;KKWood Wood₤50; ₤50; PPBrown Brown₤60 ₤60
Wood/Robinson: Book-keeping and Accounts, 6e, © T. Sijtsma
7 - 19
Trial Balance: a worked example 7.3
June June30 30Received Receivedcheques chequesfrom fromthe thefollowing: following:TTGreen Green₤180; ₤180; KKWood Wood₤367 ₤367
Wood/Robinson: Book-keeping and Accounts, 6e, © T. Sijtsma
7 - 20
A worked example 7.3: balancing off Cash account
Debit June 1 Capit
Wood/Robinson: Book-keeping and Accounts, 6e, © T. Sijtsma
7 - 21
A worked example 7.3: balancing off Bank account
Debit June 2 Cash June 30 T Green June 30 K Wood
Bank £8,000 June 4 Rent £180 June 13 Fixtures £367 June 20 Moorlands & Co June 20 B Merton June 21 J Swain June 29 Motor van June 30 Balance c/d £8,547
July 1 Balance b/d
£2,917
Wood/Robinson: Book-keeping and Accounts, 6e, © T. Sijtsma
Credit £300 £230 £675 £225 £200 £4,000 £2,917 £8,547
7 - 22
Learning Objective 2
Draw up a trial balance from a given set of accounts
Wood/Robinson: Book-keeping and Accounts, 6e, © T. Sijtsma
7 - 23
A worked example 7.3: learning draw up a trial balance
Trial bal
Cash
Wood/Robinson: Book-keeping and Accounts, 6e, © T. Sijtsma
7 - 24
End of Chapter 7: The Trial Balance
Wood/Robinson: Book-keeping and Accounts, 6e, © T. Sijtsma 2007
7 - 25
Chapter 7
Wood/Robinson: Book-keeping and Accounts, 6e, © T. Sijtsma 2007
7-1
Learning Objective 1
Understand why the trial balance totals should equal one another
Wood/Robinson: Book-keeping and Accounts, 6e, © T. Sijtsma
7-2
Learning the trial balance totals should equal one another
Total debit entries = Total credit entries • For each debit entry there is a credit entry. • For each credit entry there is a debit entry.
Wood/Robinson: Book-keeping and Accounts, 6e, © T. Sijtsma
7-3
Trial Balance A worked example
Exercise Exercise 7.3X: 7.3X: -- Record Record transactions transactions in in the the books books of of C C Hilton; Hilton; -- Balance Balance off off the the accounts; accounts; -- Extract Extract aa trial trial balance balance as as at at 30 30 June June 2006. 2006.
Wood/Robinson: Book-keeping and Accounts, 6e, © T. Sijtsma
7-4
Trial Balance A worked example 7.3
June June11CCHilton Hiltonstarted startedin inbusiness businesswith with₤9,000 ₤9,000in incash cash
Homework for students before Lecture book-keeping on Wednesday 3 December: Make double entry on accounts of worked example 7.3
Wood/Robinson: Book-keeping and Accounts, 6e, © T. Sijtsma
7-5
Trial Balance A worked example 7.3
June June22Paid Paid₤8,000 ₤8,000of ofthe thecash cashinto intoaabank bankaccount account
Wood/Robinson: Book-keeping and Accounts, 6e, © T. Sijtsma
7-6
Trial Balance: a worked example 7.3
June June44Paid Paidrent rentfor forshop shop₤300 ₤300by bycheque cheque
Wood/Robinson: Book-keeping and Accounts, 6e, © T. Sijtsma
7-7
Trial Balance: a worked example 7.3
June June66Bought Boughtgoods goodson oncredit creditfrom fromMoorlands Moorlands&&Co. Co.₤675; ₤675; JJSwain Swain₤312; ₤312;BBMerton Merton₤225 ₤225
Wood/Robinson: Book-keeping and Accounts, 6e, © T. Sijtsma
7-8
Trial Balance: a worked example 7.3
June June12 12Sold Soldgoods goodsfor forcash, cash,₤450 ₤450
Wood/Robinson: Book-keeping and Accounts, 6e, © T. Sijtsma
7-9
Trial Balance: a worked example 7.3
June June13 13Bought Boughtfixtures, fixtures,paying payingby bycheque, cheque,₤230 ₤230
Wood/Robinson: Book-keeping and Accounts, 6e, © T. Sijtsma
7 - 10
Trial Balance: a worked example 7.3
June June15 15Sold Soldgoods goodson oncredit creditTTGreen Green₤180; ₤180;KKWood Wood₤367; ₤367; PPBrown Brown₤256 ₤256
Wood/Robinson: Book-keeping and Accounts, 6e, © T. Sijtsma
7 - 11
Trial Balance: a worked example 7.3
June June18 18Sold Soldgoods goodsfor forcash, cash,₤220 ₤220
Wood/Robinson: Book-keeping and Accounts, 6e, © T. Sijtsma
7 - 12
Trial Balance: a worked example 7.3
June June20 20Paid PaidMoorlands Moorlands&&Co Coby bycheque cheque₤675 ₤675and and BBMerton Merton₤225 ₤225
Wood/Robinson: Book-keeping and Accounts, 6e, © T. Sijtsma
7 - 13
Trial Balance: a worked example 7.3
June June21 21Returned Returnedgoods goodsto toJJSwain Swain₤112 ₤112and andpaid paidthe theoutstanding outstanding balance balanceon ontheir theiraccount accountby bycheque cheque
Wood/Robinson: Book-keeping and Accounts, 6e, © T. Sijtsma
7 - 14
Trial Balance: a worked example 7.3
June June24 24Bought Boughtgoods goodson oncredit creditfrom fromMoorlands Moorlands&&Co Co₤220 ₤220and and JJSwain Swain₤92 ₤92
Wood/Robinson: Book-keeping and Accounts, 6e, © T. Sijtsma
7 - 15
Trial Balance: a worked example 7.3
June June26 26Paid Paidwages wagesin incash, cash,₤366 ₤366
Wood/Robinson: Book-keeping and Accounts, 6e, © T. Sijtsma
7 - 16
Trial Balance: a worked example 7.3
June June27 27Cash Cashdrawings, drawings,₤200 ₤200
Wood/Robinson: Book-keeping and Accounts, 6e, © T. Sijtsma
7 - 17
Trial Balance: a worked example 7.3
June June29 29Bought Boughtmotor motorvan, van,paying payingby bycheque, cheque,₤4,000 ₤4,000
Wood/Robinson: Book-keeping and Accounts, 6e, © T. Sijtsma
7 - 18
Trial Balance: a worked example 7.3
June June30 30Sold Soldgoods goodson oncredit creditto toTTGreen Green₤300; ₤300;KKWood Wood₤50; ₤50; PPBrown Brown₤60 ₤60
Wood/Robinson: Book-keeping and Accounts, 6e, © T. Sijtsma
7 - 19
Trial Balance: a worked example 7.3
June June30 30Received Receivedcheques chequesfrom fromthe thefollowing: following:TTGreen Green₤180; ₤180; KKWood Wood₤367 ₤367
Wood/Robinson: Book-keeping and Accounts, 6e, © T. Sijtsma
7 - 20
A worked example 7.3: balancing off Cash account
Debit June 1 Capit
Wood/Robinson: Book-keeping and Accounts, 6e, © T. Sijtsma
7 - 21
A worked example 7.3: balancing off Bank account
Debit June 2 Cash June 30 T Green June 30 K Wood
Bank £8,000 June 4 Rent £180 June 13 Fixtures £367 June 20 Moorlands & Co June 20 B Merton June 21 J Swain June 29 Motor van June 30 Balance c/d £8,547
July 1 Balance b/d
£2,917
Wood/Robinson: Book-keeping and Accounts, 6e, © T. Sijtsma
Credit £300 £230 £675 £225 £200 £4,000 £2,917 £8,547
7 - 22
Learning Objective 2
Draw up a trial balance from a given set of accounts
Wood/Robinson: Book-keeping and Accounts, 6e, © T. Sijtsma
7 - 23
A worked example 7.3: learning draw up a trial balance
Trial bal
Cash
Wood/Robinson: Book-keeping and Accounts, 6e, © T. Sijtsma
7 - 24
End of Chapter 7: The Trial Balance
Wood/Robinson: Book-keeping and Accounts, 6e, © T. Sijtsma 2007
7 - 25
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