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The most common problem a student face while preparing trial balance are an arithmetic error, wrong amount, entry in the wrong column etc. Good understanding of the subject and basics need to be clear in order to avoid such error. In such a case, you might look for help. If you are looking for online trial balance homework help, then your search is over as you are at the right place. We have a team of experts who are ready to help you with trial balance accounting homework which will save your time and hassle. Our team is prepared and capable of handling any type of assignment a student will come with. Our service for trial balance homework help is available in countries like USA, UK, UAE, Canada and Australia. Let’s first try to understand what trial balance is.
A trial balance is the list of all general ledgers. It is a very important part of accounting as profit and loss statement and balance sheet can be prepared only after the preparation of trial balance. It can be defined as a statement that lists the ledger account balances at a certain point of time to compare the total of debit balance with the total of credit balance. If entries are posted correctly, then the total credit balance will be equal to the total debit balance. This verification is done through Trial balance.
Final accounts are prepared by every business at the end of the year or periodically to understand the financial position of the company. A trial balance is prepared to check an arithmetic accuracy of books of accounts prepared by the company. If a trial balance doesn’t agree, then there is some mistake which needs to be rectified.
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The purpose of making trial balance:
* To check if the debit and credit balance is equal.
* It helps to prepare a final account which is important to understand the financial position of the company.
Different methods to prepare a trial balance:
Basically, there are two methods to prepare a trial balance.
1) Total method: In this method, total of each side of the account is recorded respectively in the debit and credit column of the trial balance.
2) Balance method: In this method, the balance of each account is recorded in the trial balance. The debit balance is recorded in the debit column and credit balance in the credit column of the trial balance.
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