Question

state 2 difference between trail balance and balance sheet.. ​

Answer 1

Trial balance ;-

1) There is no need to close the accounts.

2) It can be made any time.

Balance sheet;-

1. All accounts should be closed , before preparing balance sheet.

2. It is made at the end of the year ending.

Answer 2

Your Answer Mr Chauhan

Trial balance is created to record all the balances of ledger accounts. Balance sheet is created to see whether the assets equal liabilities plus equity. Trial balance is used to see whether the total of debit balances equal credit balances. Balance sheet is used to show the accuracy of financial affairs of a company.

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