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TOPIC: TRIAL BALANCE
CONTENT:
Sub topic 1: (i) THE MEANING OF TRIAL BALANCE:
A trial balance is a list of balances extracted from the ledger. It consists of individual debit and credit balances from various ledger accounts.
(ii) USES, FUNCTION OR PURPOSE OF TRIAL BALANCE
Sub topic 2: (iii) BALANCES THAT FORMS THE TRIAL BALANCE
The credit and debit balance of each transaction extracted from the ledger are balances that form the trial balance. The trial balance can be prepared in two ways:
The modern format considers only the balance of the ledger account, otherwise known as the balance bought forward.
(iv) FORMATION OF TRIAL BALANCE FROM THE LEDGER
Every transaction must either be posted in the credit or debit side of the ledger account. This ledger must be balanced at the end of a stated or given period. To this end it implies that both sides of the account must be equal. The following must be taken into cognizant:
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