Question

What is a Trial Balance. And explain?

Answer 1

A trial balance is a list of all the general ledgeraccounts (both revenue and capital) 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.

The debit balance values will be listed in the debitcolumn of the trial balance and the credit value balance will be listed in the credit column.

The trading profit and loss statement and balance sheetand other financial reports can then be produced using the ledger accounts listed on the same balance.

hope it helps

Answer 2

a trial balance is a statement prepared with the debit and credit balances of ledger accounts to test the arithmetical accuracy of the books .

dr side of the trail balance includes

- all assets

- all expenses

cr- side of trail balance include

- all liabilities

- captal

- all incomes and gains.


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