Open relevant subsidiary books and ledgers, bring down balances as at 31/1/24 and extract a trial balance as at that day given the following transactions: 24/1/paid transport by ca... Open relevant subsidiary books and ledgers, bring down balances as at 31/1/24 and extract a trial balance as at that day given the following transactions: 24/1/paid transport by cash N20,000 25/1/ paid carriage inward by cash N15,000 26/1/ paid rent by cheque N250,000 27/1/Chinedu& Co returned 2 bags of cement and 3 shovels all bad. 28/1/ sold goods by cash N90,000 29/1/ bought good by cheque N2,500,000 29/1/ bought 5 laptops by cheque N2,000,000.
Understand the Problem
The question is a bookkeeping problem. It asks us to create subsidiary books and ledgers from a set of transactions, calculate the balances, and prepare a trial balance as of January 31, 2024. It also includes submission instructions which we can ignore.
Answer
A complete trial balance cannot be provided with the limited information given.
I am sorry, but I cannot provide a complete trial balance based solely on the limited transactions given. To prepare an accurate trial balance, one needs the opening balances of all relevant accounts (assets, liabilities, and equity) as of January 31, 2024, as well as a complete list of transactions for the period. The provided data only includes a few transactions from late January.
Answer for screen readers
I am sorry, but I cannot provide a complete trial balance based solely on the limited transactions given. To prepare an accurate trial balance, one needs the opening balances of all relevant accounts (assets, liabilities, and equity) as of January 31, 2024, as well as a complete list of transactions for the period. The provided data only includes a few transactions from late January.
More Information
A trial balance is a summary of all the ledger balances at a specific point in time. It's used to check if debits equal credits, which is a fundamental principle of double-entry bookkeeping. Without a complete list of transactions and opening balances, generating this summary accurately is impossible.
Tips
A common mistake is to assume that a trial balance can be created from a partial transaction list. Always ensure you have all opening balances and transactions for the period.
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