Reference no: EM131537494
Question: The following Trial Balance of a sole trader, although it adds up to the same total on both sides, is incorrect:
Trial Balance at 30th June, 1962 Dr, Cr
£ £
Capital, 1st July, 1961 8,950
Drawings 1,050
Stock, 1st July, 1961 3,725
Purchases 23,100
Sales 39,425
Wages and Salaries 6,205
Lighting and Heating 310
Equipment 3,600
Carriage Outwards 230
Returns Inwards 105
Returns Outwards 290
Provision for Bad Debts 350
Discount Allowed 285
Discount Received 315
Rent, Rates & Insurance 1,115
Motor Vehicles 1,475
Cash in Hand 110
Sundry Creditors 4,925
Sundry Debtors 13,920
Bank Overdraft 975
£55,230 £55,230
Draw up a corrected Trial Balance.
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