TRIAL BALANCE
Hello Readers, How are you all today? It's
Beautiful to be here with y'all doing this now and being a source of help to
you all. I thank God everyday for meeting you all and being able to write to
you and generally interact with you all. Let's Get Started.....
Trial
Balance is
a statement showing a 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.
The Techniques ensure that debit and credit balances as displayed in the ledger
are complied, that is they must be in agreement and be equal. When they is a
difference between the two sides, then some errors have been made.
Uses of
Trial Balance:
1. All assets must be put in debit side.
2. All liabilities must be put on the credit
side.
3. All income must be recorded on the credit
side.
4. All expenses must be recorded on the debit
side.
5. All items with debit balance in ledger
will be debited.
