Question

3. Trial Balance is -​

Answer 1

A trial balance is a report that shows the total of all your business's accounts, its assets, liabilities, income, costs and capital, as at a given point in time. ... The trial balance is called a 'trial balance' because there will always be equal sums on the debit and credit sides of your trial balance.

Answer 2

Explanation:

A trial balance is a list of all the general ledger accounts (both revenue and capital) contained in the ledger of a business. This list will contain the name of each nominal ledger account and the value of that nominal ledger balance. Each nominal ledger account will hold either a debit balance or a credit balance. The debit balance values will be listed in the debit column of the trial balance and the credit value balance will be listed in the credit column. The trading profit and loss statement and balance sheet and other financial reports can then be produced using the ledger accounts listed on the same balance.