What is Trial Balance?
Trial balance is an accounting report where the balances of ledger accounts are arranged in debit and credit sections. The purpose of creating a trial balance is to determine the mathematical accuracy of the entries that are posted in the various ledger accounts.
Also Read: Trial Balance Example
Income and Expenditure Account based on Trial Balance :
In case of not-for-profit establishments, usually the Income and Expenditure A/c and Balance Sheet is designed based on the Receipts and Payments A/c and the additional data provided. However, the trial balance with some additional data is provided for this purpose.
The above mentioned is the concept that is explained in detail about Income and Expenditure Account based on Trial Balance for the class 12 students. To know more, stay tuned to BYJU’S.