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Learn the importance of a trial balance as the foundation for final accounts. Explore how trial balances balance columns and link to profit & loss accounts and balance sheets.
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The Trial Balance Business Studies
Trial Balance • The Trail balance is the list of figures that will be used to create all the final accounts. • A Trial Balance will Balance the total of each column will be identical
Example Trial Balance Dr Cr Purchases 100 Sales 200 S Knight 150 Cash 210 260 460 460
Profit & Loss Accounts / Balance Sheets • All figures for these two accounts are shown in the Trial Balance • Except for the Closing Stock which is often shown as a separate figure below the Trial Balance Exercise
