Answer:
Here is the trial balance for company XYZ ltd:
Sales: $1,000,000
Purchases: $265,000
Vehicles: $647,000
Creditors: $650,000
Debtors: $673,000
Rent: $75,000
Wages: $90,000
Loan from bank: $100,000
To ensure the trial balance is balanced, we need to calculate the total debits and credits. In this case, the debits are Sales, Purchases, Vehicles, Rent, Wages, and Loan from bank, while the credits are Creditors and Debtors.
Total Debits:
$1,000,000 (Sales) +
$265,000 (Purchases) +
$647,000 (Vehicles) +
$75,000 (Rent) +
$90,000 (Wages) +
$100,000 (Loan from bank) = $2,177,000
Total Credits:
$650,000 (Creditors) +
$673,000 (Debtors) = $1,323,000
Since the total debits ($2,177,000) do not equal the total credits ($1,323,000), there may be an error in the trial balance. Double-checking the calculations and reviewing the account balances will help identify any discrepancies.
Please note that the trial balance only lists the balances and does not account for specific account types or financial statements. It serves as a tool to ensure the total debits and credits are in balance before preparing financial statements.