Fill in the blanks with suitable word or words
i. Trial Balance is said to have agreed when its _________ are equal.
ii. The agreement of Trial Balance is a proof of __________ accuracy of
the ledger posting.
iii. There is a ___________ column and a _________ column for balances of
accounts in a Trial Balance.
iv. Cash in hand is written in the _________ column of the Trial Balance
Answers
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Answer:
Explanation:
i)Debit and Credit Columns
ii)Arithmetical
iii)Debit,Credit
iv)Debit
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Fill in the blanks about trial balance
Explanation:
- Trial Balance is said to have agreed when its Debit and credit are equal.
- The agreement of Trial Balance is a proof of arithmetical accuracy of the ledger posting.
- There is a Debit column and a Credit column for balances of accounts in a Trial Balance.
- Cash in hand is written in the Debit column of the Trial Balance.
Trial Balance is the summarized statement of all the ledger accounts. It contains two side- left is the Debit side and right is the credit side. it helps in detecting errors and omissions as well as is a proof of arithmetical accuracy . The debit side contains all the closing balance related to Assets, expenses and drawing while the credit side contains all the closing balance related to Income , revenue, capital and liability.
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Meaning and definition of trial balance
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