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A trial balance is a list of all the General ledger accounts (both revenue and capital) contained in the ledger of a business. This list will contain the name of the nominal ledger account and the value of that nominal ledger account. The value of the nominal ledger will hold either a debit balance value or a credit balance value. The debit balance values are listed in the debit column of the trial balance and the credit value balance will be listed in the credit column. The Trial Balance and ledgers are used by the accountant to prepare the Balance Sheet

Why is a Trial Balance prepared?

The trial balance is prepared to check/ensure the arithmetical accuracy of accounting.  This is the most important purpose for which the trial balance is prepared. Since Final Accounting can be completed without the preparation of the Trial Balance, we can say that enabling the preparation of final accounts is not the purpose of the trial balance.

When is a Trial Balance prepared?

The trial balance is generally prepared at a time when all the ledger accounts are balanced like at the end of the accounting period. Theoretically, the trial balance can be prepared as and when needed.

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