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Trial Balance

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Amanda Abraham

on 6 March 2016

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Transcript of Trial Balance

All the closing debit balances are summarised in one column and the closing credit balances in another.

Given the nature of the double entry system, both columns should agree.

If not, the discrepancy must be investigated and corrected.
Errors where the trial balance still balances

Error of

(complete zero)
Error of
Error of
Compensating error
Error of original entry
Errors where the trial balance does not balance

single sided entry
debit and credit entries at different values
Two debit or two credit entries
An incorrect addition in any individual account (miscasting)
Extraction error
Trial Balance
At the end of the year, once all ledger accounts
have been balanced off, the closing balances are summarised on a long list of balances.

This is referred to as a trial balance.

This is another control in the accounting system to ensure that the balances reported in the financial statements are accurate.
Full transcript