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trial balance report for financial statement version

Hi,

I was running trial balance before creating balance sheet. In trial balance debit and credit is coming equal, it means everything is correct or debit and credit will always be equal irrespective of the accuracy of transactions. Please suggest

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  • I'm afraid you have to elaborate, as the current description of the problem doesn't make sense. What do you mean by 'running trial balance before creating balance sheet'?

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1 Answer

  • Posted on May 25 at 07:40 AM

    Dear Gaurav,

    Trial balance ensures that for every debit entry recorded, a corresponding credit entry has been recorded in the books by following the double entry concept of accounting. At end total debit and Total credit should match. If the totals of the trial balance do not agree, the differences may be investigated and resolved before financial statements are prepared.

    However, I do not get your question completely.

    As long as Trial Balance debit and credit matches no issues.

    Regards,

    Venkat

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