What is the difference between General Ledger and Trial
Balance?
- 2 Answers
- 17060 Views
- I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
Answer / lxmi1972
General Ledger is the one recording of transactions in a
particular account head to show the actual movement of the
transactions and its effets.
On the other hand, Trial Balance is the consolidation of GL
Account figures which will show the total debit and total
credits of each accounts which are configured in GL .
At any situation, in Trial Balance, Debit and Credit total
should match.
| Is This Answer Correct ? | 15 Yes | 2 No |
Answer / h.r. sreepada bhagi
General Ledger consists of Individual Ledger A/cs of Parties
(Debtors, Creditors, etc), Incomes, Expenses, Other Assets,
Liabilities, Capital & Reserves' A/cs. A Ledger is a book of
secondary entries & transactions are posted to relevant
Ledger A/cs from the book of Primary Entries (i.e. Purchase
Book, Sales Book, Bank Book, Cash Book, General Journal,
CN/DN Register, etc.)
Each ledger a/c will have all transactions (Debit & Credit)
relating to that account.
On the other hand Trial Balance is an abstract of balances
of all the ledger accounts & bank/cash books as on any
particular date. Trial Balance is prepared to ensure the
correctness of the balances of all the accounts.
In case of Accounting is Computer Software Packages,
transactions are getting recorded simultaneously in the
books of primary entry as well as books of secondary entry.
| Is This Answer Correct ? | 4 Yes | 2 No |
Provison for payments (benefits received but bill not received at the closing of accounts)(utilites, Telephone, Rent)
Tell me do you have any idea about service tax or excise?
Purchases book records: (a) All cash purchases. (b) All credit purchases. (c) Credit purchases of goods in trade. (d) None of the above.
Explain me fair value accounting?
what is meant by debit and credit
Our company given party to employees. this expenditure which account head booked ? please tell me
what is the enty for gift given to company employee by company but purchased by director of the company
how to record the full and final settlement of employee (salary payable,other payable,,....) when he leaves the company ? or how to pass the entry for that ?
salary is paid to a person A wrongly twice a month and after detecting the mistake the salary is paid to the right person B.write the journal entry for the two sequences.
What is accounts receivable?
what is the rule for applying EL and CL and what is the Advance period for applying EL and CL
HOW TO CALCULATE VAT, INCOME TAX , ESI , PRO.TAX. P.F,
Audit 
