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A trial balance can be stated as the list of balances witnessed on ledger accounts and cashbook for an organisation. Simply, thetrial balance is the statement with credit factors on one side and debit on the other; the total of both sides must be equal.Now, you must be wondering how to learn and make use of trial balance. But we atmyhomeworkhelp.com prefer why to learn trial balance. Our skilled experts offer you special features of trial balance assignment help, an exquisite service that you may have hardly experienced before.
Features of trial balance:
One must feel interested to know the features before availing the special features of trial balance homework help service from us. Here they are:
1. The trial balance is not an account, rather a statement only.
2. The trial balance is represented in a tabular statement with separate columns for debit and credit.
3. A single mismatch or disagreement in the credit and debit column indicates theerror.
4. A trial balance can be prepared on any date when the accounts are decided to be closed or balanced. However, it is preferred to be composed at the end of an accounting year by the organisations.
How trial balance benefits you?
Eyeing on the features of trial balance, we need todiscuss its benefits:
1. Trial balance only highlights the closing balance. However, stock closing balance is not shown in the trial balance.
2. Trial balance highlights the possible arithmetical mistakes. It is considered as the shortest methods of verifying arithmetical accuracy.
3. In order to assure the ledger balance, preparing consolidated trial balance is mandatory.
4. To prepare final accounts like profit and loss account, balance sheet and others, thetrial balance is really essential.
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