Session 8: Trial Balance

Learning Objective

• Guiding participant on how to prepare trial balance..

• Trial Balance

Trial Balance

This is a list of totals or the balance carried down from the ledger accounts. Trial balance has the following uses:

• Assist in checking arithmetical accuracy of the transactions.
• Assist in detecting errors in the financial statements.
• Act as a step towards production of final set of accounts.

The sample of the trial balance can be presented as follows:

Trial Balance as at 30 April 2004.

Assets and expenses are shown on the debit side of the trial balance. Liabilities Capital and income are shown on the credit side of the trial balance.