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Trial Balance

Trial Balance

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Published by Gaurav
brief idea of Trial Balance
brief idea of Trial Balance

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Published by: Gaurav on Nov 08, 2009
Copyright:Attribution Non-commercial

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07/21/2013

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Trial Balance
A basic rule of double-entry accounting is that for every credit there must be an equaldebit amount. From this concept, one can say that the sum of all debits must equal thesum of all credits in the accounting system. If debits do not equal credits, then an error has been made. The
trial balance
is a tool for detecting such errors.The trial balance is calculated by summing the balances of all the ledger accounts. Theaccount balances are used because the balance summarizes the net effect of all of thedebits and credits in an account. To calculate the trial balance, construct a table in thefollowing format:
Trial Balance Calculation
 
Account
 
Debits
 
Credits
 
 Account 1xxxx.xx
 
 Account 2xxxx.xx
 
 Account 3xxxx.xx
 
...
 
 Account 4
 
 xxxx.xx Account 5
 
 xxxx.xx Account 6 
 
 xxxx.xx
 
...
_______________
Totals:
 
 xxxx.xx 
 
 xxxx.xx 

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