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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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