INTERVIEW QUESTIONS ACCOUNTING PROCESS TRIAL BALANCE DETAILS

Question: Which of the following in Trial Balance is contradictory to each other? a) Inventory and Drawings b) Sales and Purchase Return c) Carriage Inward and Outward d) Trade Receivable and Liability

Answer: (d) Trade Receivable and Liability
Description: Inventory and drawings both have a debit balance, Sales and Purchase Return have a credit balance. Carriage Inward and outward have debit balance. So all these items are not contradictory to each other. Trade Receivables i.e. debtors and B/R have a debit balance whereas liabilities have a credit balance. Hence, these two are contradictory to each other.

(d) Trade Receivable and Liability
Description: Inventory and drawings both have a debit balance, Sales and Purchase Return have a credit balance. Carriage Inward and outward have debit balance. So all these items are not contradictory to each other. Trade Receivables i.e. debtors and B/R have a debit balance whereas liabilities have a credit balance. Hence, these two are contradictory to each other. Source: CoolInterview.com

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