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Summary

  • Trial Balance is a statement and not an account.
  • A tallied Trial Balance does not necessarily mean that all accounts prepared are accurate
  • There are 2 methods for preparing trial Balance – Balance method and Total Amount Method
  • If Trial balance does not tally, Suspense Account is created.
  • Suspense A/c on credit side of Trial Balance will be entered on the liabilities side of Balance Sheet.
  • Suspense A/c on debit side of Trial Balance will be entered on the assets side of Balance Sheet.




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