What is difference between trial balance and balance sheet.
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Trial balance: It is a part of accounting progress which is schedule of debit and credit balances.
Balance sheet: It is the statement that exihibits the company's financial position.
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Explanation:
Statement of debit and credit balances were taken from general ledger is known as Trial Balance. Statement of assets and equity & liabilities is known as Balance Sheet. ... Trial Balance is prepared after posting into ledger whereas Balance Sheet is prepared after the preparation of Trading and Profit & Loss Account.
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