Question

define trial balance

Answer 1

a statement of all debits and credits in a double-entry account book, with any disagreement indicating an error.

In a simple way "A trial balance is a way we show the debit and credit volume are equally balanced."
pls mark it as brainliest

Answer 2

Trial Balance is a list of closing balances of ledger accounts on a certain date and is the first step towards the preparation of financial statements.

* It is usually prepared at the end of an accounting period to assist in the drafting of financial statements. Ledger balances are segregated into debit balances and credit balances. Asset and expense accounts appear on the debit side of the trial balance whereas liabilities, capital and income accounts appear on the credit side.

*If all accounting entries are recorded correctly and all the ledger balances are accurately extracted, the total of all debit balances appearing in the trial balance must equal to the sum of all credit balances.

Purpose of a Trial Balance

-Trial Balance acts as the first step in the preparation of financial statements. It is a working paper that accountants use as a basis while preparing financial statements.

-Trial balance ensures that the account balances are accurately extracted from accounting ledgers.

-Trial balance assists in the identification and rectification of errors.

I have attached format of trial balance aslo

Hope its useful..!!!