Trial Balance and Rectification of Errors
Chapter 6: Trial Balance and Rectification of Errors · ACCOUNTANCY · EN medium
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If they do not tally, it indicate that there are some errors. So one must check the correctness of the balances of all accounts. It may be noted that all assets expenses and receivables account shall have debit balances whereas all liabilities, revenues and payables accounts shall have credit balances (refer figure . ). . Objectives of Preparing the Trial Balance The trial balance is prepared to fulfill the following objectives : . To ascertain the arithmetical accuracy of the ledger accounts. . To help in locating errors. .
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If they do not tally, it indicate that there are some errors. So one must check the correctness of the balances of all accounts. It may be noted that all assets expenses and receivables account shall have debit balances whereas all liabilities, revenues and payables accounts shall have credit balances (refer figure . ).
. Objectives of Preparing the Trial Balance The trial balance is prepared to fulfill the following objectives : . To ascertain the arithmetical accuracy of the ledger accounts. .
To help in locating errors. .
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