Meaning and concept of Trial Balance
Meaning and concept of Trial Balance Double entry bookkeeping is the backbone of all accounting, according to which each debit entry must be followed by a credit entry and vice-versa. It means that if individual debit must be equal to individual credit entry, then the total debit entries must be equal to total of credit entries. We need to check whether it is the case or not. Hence, to see whether all debit entries have the equal corresponding entries, a statement is generated which is known as a Trial balance. Things to Remember The Trial Balance is not an account but it is a statement and does not form a part of book-keeping process. Therefore, a Trial Balance is a statement of accounts, which is prepared to prove the arithmetical accuracy of the books of accounts maintained. This is done to ensure that the fundamental principle of double entry book keeping has been followed for all transactions. It is to be noted in the early stage of l