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what is difference between trail balance and balance sheet
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Answer / madhulika2011
Difference between Trail balance & Balance Sheet.....
Trail balance contains the balance of all accounts - real, nominal and personal.A Trial Balance is prepared to check the arithmetical accuracy of the books of accounts.The heading of the two columns are “Debit Balances” and “Credit Balances”.
Balance Sheet contains the balance of only those accounts which represents assets and liabilities. A Balance Sheet is prepared to know the financial position of the business enterprise on a given date. The headings of the two sides are “Liabilities” and “Assets”.
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Answer / arja
Statement of debit and credit balances were taken from general ledger is known as Trial Balance. Statement of assets and equity & liabilities is known as Balance Sheet. ... Trial Balance is prepared after posting into ledger whereas Balance Sheet is prepared after the preparation of Trading and Profit & Loss Account.
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