What do you mean by Trial Balance?

According to double entry system, after recording all the transactions into journal and posting them into ledger and ascertaining their balances, the statement prepared to ascertain the arithmetical accuracy of accounts on a certain date is called Trial Balance. It is the statement, on the basis of which, trading, profit and loss account and balance sheet is prepared.

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According to Carter, “Trial balance is the list of debit and credit balances, taken out from ledger, it also includes the balances of cash and bank taken from cash book.”

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