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Question

What is a Trial Balance?


Solution

1. Trial Balance is an abstract or a list of all the ledger accounts as on a specified date showing debit total and credit total of all accounts or their net balances.
2. It is an internal financial report to make sure that the total of debit balances equals the total of credit balances of all the ledger accounts.
3. It forms the basis for preparation of the financial statements which includes trading, profit & loss account and balance-sheet.

Accountancy

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