Short Note on Trial Balance
TRIAL BALANCE
Trial Balances are internal report that list each account in the
General ledger together with the balance it that account as of the trial
balance date.
All
businesses periodically tabulate the debit and credit balances separately in a
statement to see whether the total of all debit balances agrees with the total
of credit balances or not. Such a statement is known as the trial balance. A
trial balance may be taken at any time the accounts are up to date. The purpose
of the trial balance is two fold:
·
to help check on accuracy of posting by proving whether the total
debit equal the total credits; and
·
To established a convenient summary of balances in all accounts
for the preparation of formal financial statements.
·
When the total of the debit balances agrees with the total of
credit balances, it is a good proof that, the ledger has been correctly written
up. However, it is not a conclusive proof of accuracy. Many may remain even if
a trial balance agrees
·
Sequence of Accounting Procedure or the Accounting Cycle:
a) Recording the transactions in the journal.
b) Preparing Ledger accounts on the basis of the journal or posting into the ledger.
c) Taking out the trial balance to prove arithmetical accuracy.
d) Preparing the profit and loss accounts or the income statement for the period concerned; and.
e)
Preparing the Balance Sheet to show the
financial position at the end of the period.
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