![]() profit and loss account and balance sheet. Trail balance is a step towards the preparation of financial statements i.e. It facilitates the preparation of Trading. when these errors are rectified suspense account is closed by passing an adjustment entry. The difference amount in the Trial Balance when it does not tally will be transferred to the suspense account. If both the credit and debit columns are equal in amount and tallies then it represents that there are no errors and ensures arithmetical accuracy of books of accounts. It has a debit balance and credit balance columns which are equal in amount and tallies. Trial balance has all the ledger accounts having debit and credit balances. It is prepared on a particular date to ensure the arithmetical accuracy of books of accounts i.e., to check that all accounts adhere to the Generally Acceptable Accounting Principles and there are no clerical errors exist in books of accounts. ![]() Trial Balance is a statement that is prepared to ensure the arithmetical accuracy of books of accounts.
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