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State the meaning of a trial balance?...

State the meaning of a trial balance?

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A trial balance could be a statement showing the balances or total of debits and credits, of all the accounts within the ledger with a read to verify the arithmetic accuracy of posting into the ledger accounts.

It is ready once equalisation all the accounts of a ledger, that is why there area unit 2 columns in an exceedingly Trial Balance; debit and credit.
accounting system of balance includes all the debit balances and accounting includes all the credit balances of the ledger accounts.
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Knowledge Check

  • A Trial Balance is

    A
    a statement.
    B
    a summary.
    C
    an account.
    D
    None of these.
  • Trial Balance shows

    A
    only credit balance.
    B
    only debit balance.
    C
    both debit and credit balances.
    D
    either debit or credit balance.
  • Preparation of a Trial Balance is

    A
    compulsory.
    B
    optional.
    C
    compulsory or optional.
    D
    None of these.
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    A bookkeeper extracted the following Trial Balance as on 31st March, 2019: You are required to: (i) State the errors giving reasons (ii) Redraft the Trial Balance correctly.

    The preparation of a Trial Balance helps in