What is trial balance?

Trial balance can be defined as an informal accounting statement. It records the account balances so that it can be helpful at times of need by comparing total amount of debit balance with the total of credit balance. The principle of the double-entry system is that at any moment of calculation the total amount of debits should be equal with the total amount of credits.

If the recoding of the financial data in the ledger is correct then the balance will show equal amount of debits and credits. To get the total idea on the methods of trial balance, learn with Methods of Preparing a Trial balance Assignment Help.

There are three methods of preparing trial balance. The total of both the debit and credit section the trial balance must be equal in all the methods. The following methods can be used for preparing balance:

1. Balance method

2. Total method

3. Compound method

1. Balance Method

Trial balance, as its name itself calls attention to is set up with the balance of ledger accounts. Each ledger account has got the debit and credit side. Toward the finish of a specific period, ledger accounts are balanced Excess of the total of the debit side of an account over its credit side is known as debit balance and written in the debit column of the trial balance. Similarly, excess of credit side of an account over its debit side shows credit balance and will be written at the credit side of the trial balance. The total of both the debit and credit side must be equal.

2. Total Method

According to this method, the total of the debit and credit side of each account is separately written in the debit and credit column of the trial balance. The total of both the debit and credit must be equal. If it is not equal, there are definitely certain errors which should be located and rectified.

3. Compound method

The compound method is the combination of both total method and balance method that is why it’s also called total cum balance method.

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