This GSEB Class 11 Commerce Accounts Notes Part 1 Chapter 10 Trial Balance covers all the important topics and concepts as mentioned in the chapter.
Trial Balance Class 11 GSEB Notes
An accountant prepares main book of account – ledger. from the journal and subsidiary books. A statement is prepared at the end of the specified period to check and veril’. whether posting Is done properly or not In the ledger.
This statement is prepared on the basis of the totals of the debit and credit side of the accounts or from the balances of different accounts. This statement is known as Trial balance.
→ Trial balance is a statement, not an account.
→ Trial balance is prepared before preparing the final accounts of the business.
→ Trial balance is a link between the ledger and the final accounts.
→ A list of balances of some of the accounts for remember :
→ Trial balance is a statement which shows that debit balances and credit balances disclosed in it are mathematically correct.
→ Following are the methods of preparation of a trial balance :
- Totalling method and
- Balancing method.
→ There are two forms of trial balance:
- Statement form and
- Account form.
→ Mostly, a trial balance is prepared at the end of accounting year.