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On the contrary Balance sheet shows the balances of personal and real account only.
Difference trial balance and balance sheet. The major differences between the trial balance and balance sheet are as follows. It is prepared to show the financial position of the business on a particular date. In this article we will analyze the meaning and differences between trial balance and balance sheet.
The Balance Sheet is the part of the Financial Statement while Trial Balance is not a part of the Financial Statement. Definitions of Trial Balance According to Carter Trial Balance is the list of debit and credit balances taken out from ledger. A trial balance can be prepared without making any adjustments.
The trial balance lists all of the accounts in the general ledger and their balances or all of the accounts that have balances. The trial balance contains balances from all accounts of the business while the balance sheet only contains information from the assets liabilities and capital accounts. Difference Between Trial Balance and Balance Sheet Concept of Trial Balance Trial balance is an internal report generated by a companys accounting department that lists general ledger accounts as well as its balances.
In simple terms a balance sheet is an extension of the accounts recorded in the trial balance. Doesnt take part in financial statement. Differences Between Trial Balance and Balance Sheet Trial Balance vs.
Contains nominal real and personal accounts. Let us look at some of the differences between trial balance and balance sheet. The Balance Sheet Its important to note that the trial balance is different from the balance sheet.
Trial balance is usually prepared in the columnar format wherein the debit balance is posted in the left column and credit balance is mentioned in the right column. Furthermore the trial balance is prepared at the beginning of the financial statement preparation and the balance sheet is prepared at the end. The intention to create trial balance is to facilitate easier preparation of the financial statements.
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