The website has the complete lesson note for all the subjects in secondary school but this piece showcases the JSS3 Business Studies Lesson Note on Forms of Trial Balance. You can use the website search button to filter out the subject of interest to you.

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TOPIC: FORMS OF TRIAL BALANCE

CONTENT:

  • Reasons for Preparing (i) Trading Account (ii) Profit and Loss Account (iii) Balance Sheet.
  • Sample of Trial Balance, Trading, Profit and loss Account and Balance sheet.

Sub topic 1:(I) TRADING ACCOUNT

Trading account is a final account prepared to determine gross profit or loss by a business. It is prepared at the end of each financial year.

  • PROFIT AND LOSS ACCOUNT

The profit and loss account is an account prepared to determine the real profit or loss, otherwise known as the net profit or loss.

 (III) BALANCE SHEET

A Balance Sheet is a statement that shows the financial summary of a business. It shows the net worth of a business.

Subtopic 2: SAMPLE OF A TRIAL BALANCE, TRADING ACCOUNT PROFIT AND LOSS ACCOUNT AND BALANCE SHEET

                                   TRIAL BALANCE

Particulars Debit Credit
  # #
Debtors Xxx  
Creditors   Xxx
Sales   Xxx
Purchases Xxx  
General expenses Xxx  
Sales return (return inwards) Xxx  
Discount received   Xxx
Discount allowed Xxx  
Rent on Premises Xxx  
Building Xxx  
Furniture and Fittings Xxx  
Motor vehicle Xxx  
Capital   Xxx
Cash Xxx  
Bank Xxx  

 

SIMPLE LAYOUT FOR TRADING ACCOUNT

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