What is a Trial Balance?

It is a list of closing balances of ledger accounts on a certain date and is the

first step towards the preparation of financial statements. It is usually
prepared at the end of an accounting period to assist in the drafting of
financial statements.
Purpose of the Trial Balance
 Trial Balance acts as the first step in the preparation of financial
statements. It is a working paper that accountants use as a basis
while preparing financial statements.
  Checks the arithmetical accuracy of the double entry
transactions of the business

Advantages of using the Trial Balance

 To check the debits, equal the credits       
 To find the uncover errors in journalizing
 To locate the errors in ledger accounts
Disadvantages of the Trial Balance
It does not prove that all transactions have been recorded
It does not prove that the ledger is correct
Numerous errors may exist even though the trial balance columns agree