What is included in a trial balance?

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Solution

The trial balance includes a list of the totals of all general ledger accounts. It contains all the debit and credit balances.

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MCQs on Trial Balance

Difference Between Trial Balance and Balance Sheet

How to Prepare Trial Balance

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Q. Answer in only one sentence :

What is a Trial Balance?

State true or false:

1) A Trial balance is an account.
2) A Trial balance is helpful for preparation of final accounts.
3) A Trial balance is most important document.
4) A Trial balance may be prepared on any date.
5) In Trial balance opening stock is recorded in credit balance column.
6) Both sides total of an account are taken in Gross Trial Balance.
7) Purchase account always shows debit balance.
8) A Trial balance is a List of Ledger balances.
9) A Trial balance does not ensure accounting accuracy.
10) A Trial balance shows only arithmetical accuracy.

Q. The following is the Trial Balance prepared by an inexperienced accountant. Redraft it in a correct form and give necessary notes : −

TRIAL BALANCE
for the year ending 31st March, 2017

Particulars	Amount	Particulars	Amount
	₹		₹
Cash in Hand	5,200	Bank Overdraft	16,400
Plant & Machinery	75,000	Capital	50,000
Typewriter	6,400	Goodwill	8,000
Stock (1-4-2016)	13,100	Sundry Creditors	8,200
Purchases	84,100	Sales	1,60,000
Carriage Inwards	2,800	Return Inwards	2,400
Carriage Outwards	1,600	Drawings	2,120
Sundry Debtors	18,300	Investments	4,000
Bills Payable	12,000
Rent Paid	9,600
Wages	16,500
Advertisement	4,500
Discount Received	3,200
	2,52,300		2,51,120

Q. What is UNCOMMON in trial balance?

Q. State whether the following statement is True or False.
Capital balance is not included in a trial balance.

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