Trial Balance and Rectification of Errors
Madhya Pradesh Board · Class 11 · Accountancy
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Trial Balance - Meaning and Objectives
- Trial Balance is a statement showing balances of all ledger accounts to verify arithmetical accuracy of posting
- It is prepared at the end of accounting period (monthly, quarterly, half-yearly, or annually)
- Contains three columns: Account Title, Debit Balance, Credit Balance
Methods of Preparing Trial Balance
- Three methods: Totals Method, Balances Method, Totals-cum-Balances Method
- Balances Method is most commonly used in practice
- Totals Method shows total debits and credits of each account
Classification of Errors
- Four types: Errors of Commission, Omission, Principle, and Compensating Errors
- Errors affecting trial balance: Usually one-sided errors
- Errors not affecting trial balance: Usually two-sided errors or compensating errors
Locating Errors in Trial Balance
- Recast totals of debit and credit columns first
- Compare trial balance with ledger accounts
- Check account balances calculation
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