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Why do we prepare trial balance?
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Because before balance sheet or profit and loss account we
need summarized data
| Is This Answer Correct ? | 2 Yes | 1 No |
Answer / janet
To check the Arithmetical accuracy of posting to the ledger accounts
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / jitu
the steps wise prepare the trial balance:
For each ledger account -- Cash, Accounts Payable, etc. --
total your credits and debits.
If the credit total is larger, subtract the debit total
from the credit total to get your ledger account total
which goes in the credit column of the trial balance
If the debit total is larger, subtract the credit total
from the debit total to get your ledger account total which
goes in the debit column of the trial balance
Put the ledger account total in the credit or debit column
of your trial balance (as identified above).
When you have debit or credit totals for each ledger
account, add all of your credit totals to get a credit
grand total.
Add all of your debit totals to get a debit grand total.
This is your trial balance.
| Is This Answer Correct ? | 6 Yes | 6 No |
Answer / mahi kaka
From Trail balance we calculate gross profit or
loss...which transfer to P&l a/c.
Inthis direct expence is included
| Is This Answer Correct ? | 5 Yes | 5 No |
Answer / charles
we prepare trial balance for complition of double entry
this is due to making sum up of all the transaction been
done to the business also for ledger account balances on
top of that can be used for making financial budget.....
| Is This Answer Correct ? | 0 Yes | 0 No |
Answer / kranthi
To know the arthematical accuracy of the ledger..it is a
statement containing various ledger balances prepared on
particular date.the effect of journal will show on
ledger..and effect of ledger will show on trail balence
| Is This Answer Correct ? | 0 Yes | 0 No |
what is trial balance? How to prepare trial balance?
what is the difference between 'quotation' and 'proforma invoice'?
"A" has two divisions of "B" and "c".In our system we have two vendor accounts of B&C.We have received one Non PO invoice of B and posted wrongly in C and its got paid.While reconciling the account we got this error is happend.We contacted the C and asked for refund.But C said,he transfer internally the amount directly to B and he will not refund the amount.How we will settle this entry in our books. If we reverse the entry...there is one invoice needs to be reverse and payment doc needs to be reverse..how we can settle this in our books...
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