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Question
Give one word, term or phrase for the following statement:
1) A List of Debit Balances and Credit balances in the ledger.
2) A Statement prepared to provide the base for preparing the final accounts.
3) A statement is prepared without balancing the ledger account.
4) Mention the side where goodwill A/c is appeared in the Trial Balance.
5) A List of both Ledger balances which is prepared after the closing of ledger Accounts.
Give one word, term or phrase for the following statement:
1) A List of Debit Balances and Credit balances in the ledger.
2) A Statement prepared to provide the base for preparing the final accounts.
3) A statement is prepared without balancing the ledger account.
4) Mention the side where goodwill A/c is appeared in the Trial Balance.
5) A List of both Ledger balances which is prepared after the closing of ledger Accounts.
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Solution
(1) A List of Debit Balances and Credit balances in the ledger- Trial Balance.
Explanation:
A Trial Balance is a statement showing the summary of debit and credit balances of all the ledger accounts. It contains the list of all ledger accounts and their corresponding balances, i.e. debit or credit. It is prepared when the posting and balancing of all ledger accounts are completed.
(2) A Statement prepared to provide the base for preparing the final accounts- Trial Balance
Explanation:
A Trial Balance is a statement that shows the summary of all ledger accounts and serves as a basis for the preparation of final accounts i.e. Trading and Profit & Loss Account and Balance Sheet. The final accounts are prepared from the balances shown in the Trial Balance.
(3) A statement is prepared without balancing the ledger account- Gross Trial Balance
Explanation:
Gross Trial Balance is prepared without balancing the ledger accounts. It records the total amount of debit side of each ledger account in the debit column and total amount of credit side in the credit column of the Trial Balance.
(4) Mention the side where goodwill A/c is appeared in the Trial Balance- Debit column of Trial Balance
Explanation:
Goodwill is an asset for a business and all the asset accounts show debit balances. Thus, Goodwill A/c also shows the debit balance and it is recorded in the debit column of the Trial Balance.
(5) A List of both Ledger balances which is prepared after the closing of Ledger Accounts- Net Trial Balance
Explanation:
When a statement is prepared with ledger balances after closing all the Ledger Accounts, it is known as the Net Trial Balance. The Net Trial Balance is prepared from the balances of all ledger accounts, i.e. debit balance is recorded in the debit column and credit balance is recorded in the credit column of the Trial Balance.
Explanation:
A Trial Balance is a statement showing the summary of debit and credit balances of all the ledger accounts. It contains the list of all ledger accounts and their corresponding balances, i.e. debit or credit. It is prepared when the posting and balancing of all ledger accounts are completed.
A Trial Balance is a statement showing the summary of debit and credit balances of all the ledger accounts. It contains the list of all ledger accounts and their corresponding balances, i.e. debit or credit. It is prepared when the posting and balancing of all ledger accounts are completed.
(2) A Statement prepared to provide the base for preparing the final accounts- Trial Balance
Explanation:
A Trial Balance is a statement that shows the summary of all ledger accounts and serves as a basis for the preparation of final accounts i.e. Trading and Profit & Loss Account and Balance Sheet. The final accounts are prepared from the balances shown in the Trial Balance.
A Trial Balance is a statement that shows the summary of all ledger accounts and serves as a basis for the preparation of final accounts i.e. Trading and Profit & Loss Account and Balance Sheet. The final accounts are prepared from the balances shown in the Trial Balance.
(3) A statement is prepared without balancing the ledger account- Gross Trial Balance
Explanation:
Gross Trial Balance is prepared without balancing the ledger accounts. It records the total amount of debit side of each ledger account in the debit column and total amount of credit side in the credit column of the Trial Balance.
Gross Trial Balance is prepared without balancing the ledger accounts. It records the total amount of debit side of each ledger account in the debit column and total amount of credit side in the credit column of the Trial Balance.
(4) Mention the side where goodwill A/c is appeared in the Trial Balance- Debit column of Trial Balance
Explanation:
Goodwill is an asset for a business and all the asset accounts show debit balances. Thus, Goodwill A/c also shows the debit balance and it is recorded in the debit column of the Trial Balance.
Goodwill is an asset for a business and all the asset accounts show debit balances. Thus, Goodwill A/c also shows the debit balance and it is recorded in the debit column of the Trial Balance.
(5) A List of both Ledger balances which is prepared after the closing of Ledger Accounts- Net Trial Balance
Explanation:
When a statement is prepared with ledger balances after closing all the Ledger Accounts, it is known as the Net Trial Balance. The Net Trial Balance is prepared from the balances of all ledger accounts, i.e. debit balance is recorded in the debit column and credit balance is recorded in the credit column of the Trial Balance.
When a statement is prepared with ledger balances after closing all the Ledger Accounts, it is known as the Net Trial Balance. The Net Trial Balance is prepared from the balances of all ledger accounts, i.e. debit balance is recorded in the debit column and credit balance is recorded in the credit column of the Trial Balance.
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