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Purpose of preparing Trial Balance.
The purpose of a trial balance is to. Ensure that all transactions have been recorded. The general purpose of producing a trial balance is to ensure the entries in a companys bookkeeping. The purpose of a trial balance sheet is to detect errors so that they can be addressed before the formal balance sheet is presented to shareholders.
Since it is anyhow prepared for a purpose it is put to some other uses like being used in the preparation of final accounts etc. The trial balance is a bookkeeping or accounting report in which the balances of all the general ledger accounts of the organization are listed in separate credit and debit account columns. The trial balance proves the mathematical equality of debits and credits after posting.
In general the trial balance sums all the debits and credits in the footer section and the accountant verifies that the total debits equal total credits. This is the only main purpose of the Trial Balance. Trial Balance aside from general ledger accounts is also useful to check the accuracy of special-purpose accounting books.
Speed the collection of cash receipts from customers. This confirms proper entry in the dual entry accounting system. If all debit balances listed in the trial balance equal the total of all credit balances it is evidence of the ledgers arithmetical accuracy.
The purpose of a trial balance is to ensure that all entries made into an organizations general ledger are properly balanced. A company prepares a trial balance periodically usually at the end of every reporting period. The trial balance is an accountants report used to identify issues with the respective ledger accounts.
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