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Preparation for Commerce - Accounting

Posted on Aug 23, 2014 12:29 PM

How we make a trial balance?


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Certain steps are required for preparing a trial balance:
1. All ledger accounts are closed at the end of an accounting period.
2. Ledger balances are posted into the trial balance. Dr. balance is shown on debit side and Cr. balance is shown on the credit side.
3.Trial balance is cast and errors are identified.
4. Suspense account is created to agree the trial balance totals temporarily until corrections are required for.
5. Errors identified earlier are rectified by posting corrective entries
6. Any adjustment required at the period end not previously accounted for are incorporated into the trial balance.

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