Introduction to Trial Balance
A list of the entire General ledger accounts (both revenue and capital) consisted in the ledger of a business is termed as a trial balance. This list will consist of the name of the nominal ledger account and the value of that nominal ledger account. The value of the nominal ledger will take either a debit balance value or a credit balance value. In the debit column of the trial balance the debit balance values will be listed and the credit value balance will be listed in the credit column. The loss and profit statement and balance sheet and another financial report can then be generated using the ledger accounts listed in the trial balance.
The name comes out from the purpose of a trial balance that is to prove that the value of all the debit value balances equivalent the total of all the credit value balances. Trailing, through listing every nominal ledger balance, makes sure accurate reporting of the nominal ledgers for make use of in financial reporting of a performance of business. If the total of the debit column does not equivalent the total value of the credit column then this would depict that there is an error in the nominal ledger accounts. This error has to be found before a profit and loss statement and balance sheet can be generated.
The trial balance is generally prepared through a bookkeeper or accountant who has employed daybooks to record financial transactions and then post them to the nominal ledgers and personal ledger accounts. The trial balance is a section of the double-entry bookkeeping system and uses the classic 'T' account format for presenting values.
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