The Guidance on TRIAL BALANCE in Accounting

The Complete Overview of TRIAL BALANCE in Accounting Trial Balance is a statement of all ledger accounts having debit balances and credit balances prepared to ensure the arithmetical accuracy of books of accounts.

Trial Balance is a statement not an account which is prepared on a particular date for preparing and presenting financial statements.

Trial Balance is a statement which is prepared to ensure the arithmetical accuracy of books of accounts. Trial balance is a statement not an account.

It is prepared as on a particular date to ensure the arithmetical accuracy of books of accounts i.e., to check that all accounts adhere to the generally acceptable accounting principles and there are no clerical errors exist in books of accounts.

Trial balance facilitates the preparation of Trading. profit&loss account, Balance sheet.

Trail balance is a step towards preparation of financial statements i.e,. profit and loss account and balance sheet.

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