TRIAL BALANCE.
Hey Guyz, Happy Tuesday. How was Monday for you,
well for me it was all school stuff but it was fun, hope it was at least
enjoyable for you? It is well with you today in Jesus Mighty Name- Amen. So
today we are back to Acc. 101 and a new topic I pray you will enjoy, let’s get
started.
Trial
Balance is a statement showing the list of balance in a
double entry form, extracted from the ledger to show the arithmetic accuracy of
the account. The Trial Balance is drawn up at a given date after all the
posting have been made in the ledger and they must both be in agreement. When
they is a difference between the two sides (i.e. The Credit & Debit Sides),
then some errors have occurred.
THINGS
TO NOTE ABOUT TRIAL BALANCE:
1. All
Assets must be put in the Debit Side.
2. All
Income must be put in the Credit Side.
3. All
Expenses must be recorded in the Debit Side.
4. All
items with debit balance in the ledger will be debited.
