Ask Experts Questions for FREE Help !
    alanani's Avatar
    alanani Posts: 1, Reputation: 1
    New Member

    Apr 26, 2009, 08:08 AM
    How to prepare a balance sheet referring a trial balance
    How to prepare a balance sheet from a trial balance ? Can anybody help me by giving
    An example

    ROLCAM's Avatar
    ROLCAM Posts: 1,420, Reputation: 23
    Ultra Member

    May 31, 2009, 04:50 AM

    You give me a trial balance and I shall convert it for you to a:-

    1) Profit & Loss Account , and
    2) A Balance Sheet.

    Make sure it is NOT homework.
    We are not allowed to do your homework.
    kasfi's Avatar
    kasfi Posts: 7, Reputation: 1
    New Member

    Sep 1, 2009, 08:27 AM

    year ending 31st dec 1996 for Sri Goyal
    sales 370000
    purchases 346000
    wages 10450
    capital 34250
    national insurance 150
    carriage inward 200
    carriage outward 250
    lighting 300
    rates and insurance(including premium of Rs 150 p.a. uptp 30th June 1997) 200
    stock at 31.12.1996 30625
    cash in hand and bank 875
    discount earned 300
    plant and machinery 15000
    discount allowed 50
    debitors 3000
    creditors 10000
    furnitures 4000
    dividends received 150
    1) National Insurance also inclues employee contribution of rupees 75. Wages are shown 'net' after deducting ation insurance contribution borne by employees.
    2) Owing to nature of employement, some employes are housed in the building of busineess. The rental value of such portion is accessed at rs. 250 p.a. The benefit to employee treated as wages and rental as income for Sri Goyal.
    3) Depreciate plant and machinery at 15% p.a and furniture at 10% p.a.
    4) Goods worth Rs 2000 given by Sri Goyal to his son at cost.
    5) The manager is entitled to a commission of 20% of the net profits after charging his commission. (The calculation may be made nearest to a multipl of a rupees)
    ROLCAM's Avatar
    ROLCAM Posts: 1,420, Reputation: 23
    Ultra Member

    Sep 18, 2010, 04:53 AM


    1) I did say a trial balance.
    2) this is an exercise that contains adjustments.
    3) you need to do the adjustments.
    4) you can then prepare a trial balance after the adjustments.
    5) try to use a chart of accounts, this will help idntify the accounts,
    If at all possible.
    6) Make sure the trial balance, balances.
    7) clearly indicate what are the debits and the credits.
    8) submit it here and I shall endeveavour to help you convert it to a profit and loss and a balance sheet.
    ROLCAM's Avatar
    ROLCAM Posts: 1,420, Reputation: 23
    Ultra Member

    Sep 18, 2010, 04:57 AM

    Try and do what I asked kasfi to do.

    pready's Avatar
    pready Posts: 3,197, Reputation: 207
    Ultra Member

    Sep 18, 2010, 02:46 PM

    A balance sheet is done after an adjusted trial balance, not a trial balance.

    From a trial balance you do adjusting entries, then you prepare an adjusted trial balance, finally an Income Statement and a Balance Sheet can be prepared.

Not your question? Ask your question View similar questions


Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.

Check out some similar questions!

Ledger, trial balance, balance sheet [ 5 Answers ]

hello, I have problem with my assignment. Can anyone help me with one question? I have to prepare journals, ledger, trial balance, profit and loss and balance sheet. Jan 6 Bought spare parts on credit 27000 cash sale 62500 Jan 7 charged Moji for repairs 5000 sold spare parts to Koba on...

Creating balance sheet from trial balance [ 10 Answers ]

I am having issues getting a balance sheet to come out right from the given data from a trial balance. Can anyone help me out with this? I have included a picture of what I am working on...

Trial balance and balance sheet [ 1 Answers ]

To get a trial balance and balance sheet of a private limited company

Making a balance sheet from a trial balance. [ 1 Answers ]

I have come up with the attached balance sheet so far from the trial balance, but as it can obviously be seen it does not balance. I'm not sure where to go from here or where I made a mistake. Any help would be greatly appreciated, thanks in advance.

Trial Balance and Balance Sheet of an airline company [ 1 Answers ]

I would like to get the idea about the trial balance andbalance sheet of an airline company. Can any one help me with that? Thanks, Shanthi

View more questions Search