Categories: Lesson Notes

JSS3 Business Studies Lesson Note on Forms of Trial Balance

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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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