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what is trial balance ?
how can finalisation the accounts?
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Answer Posted / lalitha
TRIAL BALANCE:Trial balance is nothing but Summarising of
balance sheet or balancing all the ledgers . Ledger
Accounts will show either debit or credit balances.If the
two balances are not equal , suspense account to be opened
for that amount.after discovering the fault,suspense
account will be deleted.
FINALISATION :First journalise the transaction,posting
that into relevant account.Each transactions have debit and
credit items.After making ledger posting ,accounts to be
totalled for doing trial balance.Second,Trading and profit
and loss account to be prepared.At Last,Balance Sheet to be
prepared.
| Is This Answer Correct ? | 29 Yes | 2 No |
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