Accounting Ledger Balancing and Error Correction Study Notes

Activity 1: Balancing Accounts for the Month of January - Reena Account

Side: Debit (Dr)
Jan 10: Cash $Rs 100$
Jan 15: Cash $Rs 900$
Jan 30: Bank $Rs 1,300$
Jan 31: Balance c/f (calculated): $Rs 3,000$
Total (Dr): $Rs 5,300$
Side: Credit (Cr)
Jan 03: Purchases $Rs 2,000$
Jan 21: Purchases $Rs 3,300$
Total (Cr): $Rs 5,300$
Closing Balance:
Feb 01: Balance b/d $Rs 3,000$ (Credit Balance)

• Sarah Account
  Side: Debit (Dr)
  Jan 06: Sales $Rs 5,400$
  Jan 19: Sales $Rs 1,200$
  Total (Dr): $Rs 6,600$
  Side: Credit (Cr)
  Jan 10: Cash $Rs 250$
  Jan 15: Bank $Rs 2,650$
  Jan 30: Bank $Rs 3,100$
  Jan 31: Balance c/f (calculated): $Rs 600$
  Total (Cr): $Rs 6,600$
  Closing Balance:
  Feb 01: Balance b/d $Rs 600$ (Debit Balance)

Activity 2: Balancing Cash and Bank Accounts for February 20X8 - Cash Account

Side: Debit (Dr)
Feb 01: Capital $Rs 15,000$
Feb 12: Sales $Rs 2,600$
Total (Dr): $Rs 17,600$
Side: Credit (Cr)
Feb 05: Purchases $Rs 9,500$
Feb 17: Rent $Rs 2,000$
Feb 28: Drawings $Rs 1,000$
Feb 28: Balance c/d (calculated): $Rs 5,100$
Total (Cr): $Rs 17,600$
Opening Balance for March:
Mar 01: Balance b/d $Rs 5,100$

• Bank Account
  Side: Debit (Dr)
  Feb 01: Capital $Rs 25,000$
  Feb 28: Girish $Rs 750$
  Total (Dr): $Rs 25,750$
  Side: Credit (Cr)
  Feb 04: Fixtures and fittings $Rs 11,000$
  Feb 28: Balance c/d (calculated): $Rs 14,750$
  Total (Cr): $Rs 25,750$
  Opening Balance for March:
  Mar 01: Balance b/d $Rs 14,750$

Activity 3: Balancing General Ledger Accounts for February 20X8 - Capital Account

Side: Debit (Dr)
Feb 28: Balance c/d (calculated): $Rs 40,000$
Total (Dr): $Rs 40,000$
Side: Credit (Cr)
Feb 01: Cash $Rs 15,000$
Feb 02: Bank $Rs 25,000$
Total (Cr): $Rs 40,000$
Opening Balance for March:
Mar 01: Balance b/d $Rs 40,000$

• Fixtures and Fittings Account
  Side: Debit (Dr)
  Feb 04: Bank $Rs 11,000$
  Total (Dr): $Rs 11,000$
  Side: Credit (Cr)
  Feb 28: Balance c/d (calculated): $Rs 11,000$
  Total (Cr): $Rs 11,000$
  Opening Balance for March:
  Mar 01: Balance b/d $Rs 11,000$

• Purchases Account
  Side: Debit (Dr)
  Feb 05: Cash $Rs 9,500$
  Total (Dr): $Rs 9,500$
  Side: Credit (Cr)
  Feb 28: Balance c/d (calculated): $Rs 9,500$
  Total (Cr): $Rs 9,500$

• Sales Account
  Side: Debit (Dr)
  Feb 28: Balance c/d (calculated): $Rs 4,100$
  Total (Dr): $Rs 4,100$
  Side: Credit (Cr)
  Feb 12: Cash $Rs 2,600$
  Feb 19: Girish $Rs 1,500$
  Total (Cr): $Rs 4,100$

• Rent Account
  Side: Debit (Dr)
  Feb 17: Cash $Rs 2,000$
  Total (Dr): $Rs 2,000$
  Side: Credit (Cr)
  Feb 28: Balance c/d (calculated): $Rs 2,000$
  Total (Cr): $Rs 2,000$

Question 3: Balancing Ledger Accounts - 1. Purchases Account

Side: Debit (Dr)
Jan 07: Cash $Rs 2,500$
Jan 17: Ming $Rs 3,000$
Jan 28: Bank $Rs 3,400$
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what if there is no amount on one side and on the other side there is