Question

Can anyone prepare the profit and loss account and balance sheet for the above trial balance

Answer 1

Answer:

Balance sheet is an external statement. Trial balance is divided among two types of accounts – debit and credit. Under trial balance, the debit balance and the credit balance should be equal. Balance sheet is divided in three sections – assets, liabilities, and shareholders' equity.

How do you prepare a trial balance from a balance sheet?

Preparation of Trial Balance

1. To prepare a trial balance we need the closing balances of all the ledger accounts and the cash book as well as the bank book. ...

1. Then prepare a three column worksheet. ...

1. Fill out the account name and the balance of such account in the appropriate debit or credit column.

Explanation: