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Objectives of Preparing the Trial Balance


The trial balance is prepared to fulfill the following objectives:
  1. To check the arithmetical accuracy of the ledger accounts.
  2. To help in locating errors; and
  3. To help in the preparation of the financial statements.

Account Title

L.F.

Debit Amount
Rs.

Credit Amount
Rs.
Capital     ****

Land and Buildings

  ****  

Plant and Machinery

 

****

 

Equipment

  ****  

Furniture and Fixtures

  ****  

Cash in Hand

  ****  

Cash at Bank

  ****  

Debtors

  ****  

Bills Receivable

  ****  

Stock of Raw Materials

  ****  

Work in Progress

  ****  
Stock of Finished Goods   ****  

Prepaid Insurance

  ****  

Purchases

  ****  

Carriage Inwards

  ****  

Carriage Outwards

  ****  

Sales

    ****

Sales Return

  ****  
Purchases Return     ****

Interest paid

  ****  

Commission/Discount Received

    ****

Salaries

  ****  

Long Term Loan

    ****

Bills payable

    ****

Creditors

    ****

Outstanding Salaries

    ****

Outstanding Interest earned

  ****  

Advances from Customers

    ****

Drawings

  ****  

Reserve Fund

    ****

Provision for Doubtful Debts

    ****

Total

 

xxxx

xxxx





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