A trial balance is an accounting report in which the balances of all the books are compiled into the credit and the debit columns. A firm prepares a trial balance at regular intervals, usually at the end of each accounting period. A trial balance serves the purpose of keeping the organizationâ€™s worksheet mathematically correct. It consists the name of each nominal ledger account, which consists of the credit or the debit balances, entered into the respective columns.
A trial balance is a part of a double-entry bookkeeping system. It provides the information that the debit values are equal to credit values. In case of a discrepancy in both the values, it points out an error in the nominal ledger accounts. It is imperative to find the error before a profit and loss statement, and balance sheet is prepared.
With manuals as limitations of trial balance homework, you can get a complete idea of the ways in which this subject has a wider view of accountancy as a subject.
What is the purpose of a trial balance?
The primary reasons for having a trial balance could be construed by the following points mentioned below.
- This is the elementary steps of preparing a financial statement. This is referred by accountants to prepare the financial statements.
- A trial balance guarantees that the account balances are aptly dug up from the accounting ledgers.
- A trial balance enables error identification and rectification.
Limitations of a trial balance:
A trial balance measures the sums of debits against the credits. However, it does not promise an error-free environment in the process. A few shortcomings of a trial balance are enumerated below.
- Error of original entry-
It arises when the entries on both sides of the columns are wrongly entered, resulting in a faulty worksheet.
- Error of omission-
As the name suggests, it arises when a particular entry is entirely omitted.
- Error of reversal-
It includes the errors that arise when the entries are reversed, that is credit is mentioned in the debit column and vice versa. Yet, it does not affect the total balance.
- Error of commission-
It includes the entries made in the apt values, at the apt columns, but on or more entries are made in the incorrect account of the apt columns. This, too, leaves the balance unaffected.
- Error of principal-
This includes the right amount, in the apt columns. However, the incorrect account type is used. This, too, leaves the balance unaffected.
A significant part of accounting system, it proves crucial to understand and solve the problems of trial balance. As students, it becomes important for them to understand the apt columns of entry, the correct amounts, etc.
Although it is a general ledger, yet it becomes more important to comprehend a trial balance as the profit and loss statement and balance sheets are prepared based on it. There is a multitude of homework helps available to assist the students with their homework in such cases.
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