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NCERT Solutions for Class 11 Accountancy Chapter 6 Trial Balance And Rectification Of Errors

by aglasem
August 30, 2021
in 11th Class
Reading Time: 1 min read
0
NCERT Solutions

NCERT Solutions Class 11 Accountancy Chapter 6 Trial Balance And Rectification Of Errors – Here are all the NCERT solutions for Class 11 Accountancy Chapter 6. This solution contains questions, answers, images, explanations of the complete chapter 6 titled Trial Balance And Rectification Of Errors of Accountancy taught in Class 11. If you are a student of Class 11 who is using NCERT Textbook to study Accountancy, then you must come across chapter 6 Trial Balance And Rectification Of Errors. After you have studied lesson, you must be looking for answers of its questions. Here you can get complete NCERT Solutions for Class 11 Accountancy Chapter 6 Trial Balance And Rectification Of Errors in one place.

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NCERT Solutions Class 11 Accountancy Chapter 6 Trial Balance And Rectification Of Errors

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Here on AglaSem Schools, you can access to NCERT Book Solutions in free pdf for Accountancy for Class 11 so that you can refer them as and when required. The NCERT Solutions to the questions after every unit of NCERT textbooks aimed at helping students solving difficult questions.

For a better understanding of this chapter, you should also see summary of Chapter 6 Trial Balance And Rectification Of Errors , Accountancy, Class 11.

Class 11
Subject Accountancy
Book Financial Accounting Part 1
Chapter Number 6
Chapter Name

Trial Balance And Rectification Of Errors

NCERT Solutions Class 11 Accountancy chapter 6 Trial Balance And Rectification Of Errors

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Class 11, Accountancy chapter 6, Trial Balance And Rectification Of Errors solutions are given below in PDF format. You can view them online or download PDF file for future use.

Trial Balance And Rectification Of Errors Download

NCERT Solutions for Class 11 Accountancy (Financial Accounting I) Chapter 6 Trial Balance and Rectification of Errors Download

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Question & Answer

Q.1: State the meaning of a trial balance?

Ans : Trial balance is a statement prepared to check the arithmetical accuracy of transactions recorded in the journal, posted into the ledger and balanced in the ledger accounts. The balance of ledger accounts shows the difference between the total of the debit items and credit items in an account. Personal, real and nominal accounts are considered for preparing the trial balance. Generally, it is prepared at the end of an accounting year. However, it may be prepared at the end of any chosen period, which may be monthly, quarterly, half yearly or annually depending upon when it is required. It helps in the preparation of the financial statements.

Q.2: Give two examples of errors of principle?

Ans : Generally accepted accounting principles are to be followed to record the accounting entries. When accounting entries are recorded in contravention of accounting principles, it is known as an error of principle. 1. Wages paid for installation of new machinery debited to wages account: 2. Wages paid for installation of new machinery is a capital expenditure and accordingly machinery account should have been debited. But, here it is treated as revenue expenditure and is debited to wages account. Thus, it violates the accounting principle. 3. Amount spent on repair of building debited to machinery account: Expense on repair is revenue expenditure and not a capital expenditure. The amount should have been debited to repairs account and to the machinery account which is a capital account. Thus, it violates the accounting principle.

Q.3: Give two examples of errors of commission?

Ans : Errors of commission are committed because of wrong recording, wrong posting, wrong balancing and wrong casting of subsidiary books. Such errors affect the accuracy of the trial balance. 1. Cash received from a creditor worth Rs.5,000 is recorded in the cash book as Rs.500. The transaction is recorded in the cashbook as Rs.500 instead of Rs.5,OOO. This is an error because of the wrong recording of amount in the cash book. 2. Amount received from Arun Rs.2,000, is wrongly posted in Tarun's account. In this transaction, Tarun's Alc is credited instead of Arun's Alc. This is referred to as an error of wrong posting of transactions.

Q.4: What are the methods of preparing trial balance?

Ans : A trial balance can be prepared in the following three ways : 1. Totals Method: In this method, the total of the debit and the credit side of the ledger is determined and presented separately in the trial balance. The total of both the sides should match as the accounts are based on double entry system. 2. Balances Method: In this method, the balances of all ledger accounts are presented in their respective debit and credit columns of the trial balance. The total of both the sides should match as the accounts are based on double entry system and this method of preparing a trial balance is widely used because it helps in the preparation of financial statements. 3. Totals-cum-balances Method: This method is a blend of the totals and balances method. This method has four columns. The first two columns are to write the totals of the debits and credits of the various accounts and the other two columns are to write the debit or the credit balances of these accounts. This method is time consuming, and hence are not used widely.

Q.5: What are the steps taken by an accountant to locate the errors in the trial balance?

Ans : Steps to identify the errors: 1. Recast the totals of the debit and credit columns of the trial balance. 2. Compare each account head and its amount appearing in the trial balance with that of the ledger to detect any difference in amount or omission of any account. 3. Compare the trial balance of the current year with that of the previous year to check the additions or deletions to any accounts and to verify if there is any unexplained difference in amounts. 4. Re-check the correctness of balances of individual accounts in their respective ledgers. 5. Re-check the accuracy of the postings in individual accounts from the transactions entered in the books of original entry. 6. If the difference between the debit and credit columns is of '1, '10, *100 or *1000, the casting of the subsidiary books should be re-checked. 7. If the difference between the debit and credit columns is divisible by 2, then there is a possibility that an amount equal to half the difference may have been posted to the wrong side of another ledger account. 8. The above point may also indicate a complete omission of a posting. g. If the difference is divisible by 9. the mistake could be because of transposition of figures. 10. Still, if it is not possible to locate the errors, the difference in the trial balance for that moment is transferred to the suspense account. All the one-sided errors detected are rectified through this account.

NCERT / CBSE Book for Class 11 Accountancy

You can download the NCERT Book for Class 11 Accountancy in PDF format for free. Otherwise you can also buy it easily online.

  • Click here for NCERT Book for Class 11 Accountancy
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All NCERT Solutions Class 11

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You can also check out NCERT Solutions of other classes here. Click on the class number below to go to relevant NCERT Solutions of Class 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12.

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