Question

Conclusion of ledger accounts and trial balance

Answer 1

Answer:

A trial balance, in double entry method of accounting, is drawn to test the arithmetical accuracy of the ledgers. The trial balance is not an account in itself. It is just a tool used to check if the ledgers are correct. The ledgers are said to be correctly prepared if the total amount on both sides of the trial balance are the same.Is used to prepare the income statement, owner equity statement, and balance sheet. ... It is prepared on a particular day, comprising the balances of all the ledger accounts.