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AED(د.إ)Trial balance
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Resource Description
Trial balance is a statement containing the debit and credit balances of all ledger accounts on a particular date.
- The fundamental principle of the double-entry system of book-keeping is that every debit has a corresponding and equal credit and vice-versa. Therefore, the total of the debit balances must be equal to the total of the credit balances
- One of the main objectives of the trial balance is to ensure that the total of all debits equals the total of all the credits.
- Trial balance will also help in the preparation of the final accounts.
- When double entry system is followed, the totals of the debit and the credit columns of the trial balance must be equal. Thus, trial balance helps to check the arithmetical accuracy of entries made in the books of accounts.
The format of Trial balance is presented in this Unit and a Problem has been solved by passing journal entries, posting them into ledger and finally a trial balance has been prepared to show how the arithmetical accuracy of books of accounts has been tested by following the double entry system of book keeping.
