A trial balance is a list of all the nominal ledger (general ledger) accounts contained in the ledger of a business. This list will contain the name of the nominal ledger account and the value of that nominal ledger account. The purpose of a trial balance is to prove that the value of all the debit value balances equal the total of all the credit value balances.Trialing, by listing every nominal ledger balance, ensures accurate reporting of the nominal ledgers for use in financial reporting of a business’s performance. If the total of the debit column does not equal the total value of the credit column then this would show that there is an error in the nominal ledger accounts.
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About Rakesh Kabra
The Author is M.Com from Rajasthan University and also B.Ed. He has very good experience of teaching to the students of BCOM, BBA and CA