COURSE CODE: ACC 111

COURSE TITLE: =LCP: PRINCIPLES OF ACCOUNTING 1

=SUN: INTRODUCTION TO ACCOUNTING AND REPORTING 1

LECTURER-IN CHARGE: PATRIOT ODUNARO BABATUNDE JIMOH

(08038454008)

LECTURE NOTE
A trial balance is a list of all balances in order to test the arithmetic accuracy of the
records in books of accounts.
Five reasons for preparing a trial balance are:
i. To check the accuracy of the books of accounts
ii. Verify the balance of each ledger account.
iv. Verify postings to the ledger.
v. Verify journal entries
vi. Review the transactions.

Note: Come to lecture for other informations

 ILLUSTRATION 1:
Fesojaiye Nigeria Limited provides the following information and you are
required to prepare a trial balance as at 31st December, 2023.
N
Premises 2,250,000
Motor Vans 417,150
Capital 7,255,800
Motor at cost 7,500,000
Furniture at cost 5,000,000
Advertising 57,150
Postage 62,100
Purchases 18,318,250
Accumulated depreciation on motor 4,750,000
Accumulated depreciation on furniture 2,754,100
Electricity 40,950
Salaries 1,276,650
Tenement Rate 45,450
Telephone 15,300
Furniture 496,800
Revenue 25,570,000
Sales Returns 25,200
Purchases Returns 176,400
Bad Debts 11700
Insurance 86,400
Commissions received 787,500
Trade Receivables 2,196,900
Trade Payables 3,782,250
Cash in hand 158,400
Bank 1,706,400
Stock 5,411,250

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GROUP (A-D):
ASSIGNMENTS ON TRIAL BALANCE
1. Feyisogbon Nigeria Limited provides the following information and you are
required to prepare a trial balance as at 31st December, 2023.
N
Purchases 184,200.00
Revenue 724,200.00
Drawing 70,500.00
Return Inwards 36,500.00
Return Outwards 31,000.00
Discount Allowed 51,000.00
Discount Received 42,000.00
Trade Receivables 225,000.00
Trade Payables 285,500.00
Inventory 171,500.00
Land 23,000.00
Motor at cost 60,000.00
Furniture at cost 12,500.00
Accumulated depreciation on motor 22,500.00
Accumulated depreciation on furniture 5,000.00
Cash at bank 25,000.00
Cash in hand 9,500.00
Salaries 203,000.00
Carriage Inwards 111,000.00
Carriage Outwards 51,500.00
Printing and Stationery 18,000.00
Electricity and water 74,000.00
Insurance 34,000.00
General Expenses 174,000.00
Provision for bade debt 1,000.00
Bad debt already written off 2,000.00
Capital 350,000.00
Rent Received 19,000.00
Commission Received 56,000.00

2. Emilokan Nigeria Limited provides the following information and you are
required to prepare a trial balance as at 31st December, 2023.
N
Premises 1,125,000
Motor Vans 208,575
Capital 3,627,900
Motor at cost 3,750,000
Furniture at cost 2,500,000
Advertising 28,575
Postage 31,050
Purchases 9,159,125
Accumulated depreciation on motor 2,375,000
Accumulated depreciation on furniture 1,377,050
Electricity 20,475
Salaries 638,325
Tenement Rate 22,725
Telephone 7,650
Furniture 248,400
Revenue 12,785,000
Sales Returns 12,600
Purchases Returns 88,200
Bad Debts 5,850
Insurance 43,200
Commissions received 393,750
Trade Receivables 1,098,450
Trade Payables 1,891,125
Cash in hand 79,200
Bank 853,200
Stock 2,705,625

3. Owonikoko Nigeria Limited provides the following informations and you are
required to prepare a trial balance as at 31 December, 2023.
st

N
Advertising 1,143
Postage 1,242
Purchases 366,365
Accumulated depreciation on motor 95,000
Accumulated depreciation on furniture 55,082
Electricity 819
Salaries 25,533
Tenement Rate 909
Telephone 306
Furniture 9,936
Revenue 511,400
Sales Returns 504
Purchases Returns 3,528
Bad Debts 234
Insurance 1,728
Commissions received 15,750
Trade Receivables 43,938
Trade Payables 75,645
Cash in hand 3,168
Bank 34,128
Stock 108,225
Premises 45,000
Motor Vans 8,343
Capital 145,116
Motor at cost 150,000
Furniture at cost 100,000

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