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Answer Posted / kavya
A trial balance is a list of all the nominal ledger (general
ledger) accounts
contained in the ledger of a business. This list will
contain the name of the
nominal ledger account and the value of that nominal ledger
account. The value
of the nominal ledger will hold either a debit balance value
or a credit value
balance. The debit balance values will be listed in the
debit column of the
trial balance and the credit value balance will be listed in
the credit column.
The profit and loss statement and balance sheet and other
financial reports can
then be produced using the ledger accounts listed on the
trial balance.
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