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If a sole trader has a trial balance showing total debits of $50,000 and total c
If a sole trader has a trial balance showing total debits of $50,000 and total credits of $48,000, what is the amount of the discrepancy?
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Q1
If a sole trader has a trial balance showing total debits of $50,000 and total credits of $48,000, what is the amount of the discrepancy?
$1,000
$2,000
$3,000
$4,000
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The discrepancy is $2,000, calculated as total debits ($50,000) minus total credits ($48,000).
Questions & Step-by-step Solutions
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Q
Q: If a sole trader has a trial balance showing total debits of $50,000 and total credits of $48,000, what is the amount of the discrepancy?
Solution:
The discrepancy is $2,000, calculated as total debits ($50,000) minus total credits ($48,000).
Steps: 5
Show Steps
Step 1: Identify the total debits from the trial balance, which is $50,000.
Step 2: Identify the total credits from the trial balance, which is $48,000.
Step 3: Subtract the total credits from the total debits: $50,000 - $48,000.
Step 4: Calculate the result of the subtraction, which is $2,000.
Step 5: Conclude that the discrepancy is $2,000.
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