CBSE Class 11-commerce Answered
The following is the trial balance
Asked by satop5talks | 29 Dec, 2019, 10:14: PM
Expert Answer
A trial balance is the list of debit and credit balances, taken out from the ledger. It also includes balances of cash and bank balances taken from the cash book. It is a statement prepared to check the arithmetical accuracy of the transactions recorded in the journal and posted to the ledgers which are then balanced to get the respective debit and credit balances.
Understanding preparation of a Trial Balance:
- A trial balance is prepared on a particular date which should be mentioned on the top.
- Name of the account should written in the first column.
- The page number of the ledger where the balance appears should be written in the ledger folio column.
- In the last two columns, the debit and credit balances are to be written.
- Finally, the two columns are totaled up at the end. If the total of the two columns matches, it is said that the Trial Balance has agreed or matched.
Answered by Surabhi Gawade | 30 Dec, 2019, 09:32: AM
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