Question

Define trial Balance Name the method
preparing Trial Balance​

Answer 1

Answer:

A Trial Balance is a statement that shows the total debit and total credit balances of accounts. The total of debit amounts shall be equal to the credit amounts. It thus verifies the arithmetical accuracy of the postings in the ledger accounts.

Answer 2

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A trial balance is a list of all the general ledger accounts 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.

Top 2 Methods of Preparing Trial Balance (With Specimen)

• Total Method: In this method, ledger accounts are not balanced. They are totaled. These totals are entered in the debit and credit columns. ...
• Balance Method: Under this method, the closing balances of ledger accounts are tabulated in a separate statement. The brought down balances are brought to this statement.