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lecture 7

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TRIAL BALANCE 

TRIAL BALANCE IS A STATEMENT IN WHICH ALL THE BALANCES OF DIFFERENT ACCOUNTS ARE SHOWN . SOME OF THE BALANCES COULD BE OF DEBIT SIDE WHEREAS OTHER'S MIGHT BE OF CREDIT SIDE . SINCE OUR ACCOUNTING IS BASED ON DOUBLE ENTRY SYSTEM . THEREFORE THE TOTAL OF DEBIT BALANCES MUST BE EQUAL TO THE TOTAL OF CREDIT BALANCES. 
(ASSETS/EXPENSES/LOSSES              ARE WRITTEN ON DEBIT SIDE)
(LIABILITIES/PROFITS/INCOMES      ARE WRITTEN ON CREDIT SIDE)


  1. BANK LOAN (LIABILITY)
  2. INVESTMENT (ASSETS)
  3. INTEREST ON  BANK LOAN (EXPENSE)
  4. DEBTORS (ASSETS)
  5. CREDITORS (LIABILITY)
  6. INTEREST ON INVESTMENT (INCOME)
  7. B/R (ASSETS)
  8. B/P(LIABILITY)
  9. BUILDING(ASSET)
  10. PLANT AND MACHINERY (ASSETS)
  11. CASH (ASSETS)
  12. BANK OVERDRAFT (LIABILITY)
  13. INTEREST ON BANK OVERDRAFT (EXPENSE)
  14. PURCHASES (EXPENSE)I
  15. PURCHASE RETURN(GAINS)
  16. SALES (INCOME)
  17. SALES RETURN (EXPENSE)
  18. CARRIAGE (EXPENSE)
  19. FREIGHT (EXPENSE)
  20. WAGES (EXPENSE)
  21. SALARY (EXPENSE)
  22. ADVERTISEMENT (EXPENSE)
  23. TRADE EXPENSE/ OFFICE EXPENSE (EXPENSE)
  24. PRINTING AND STATIONERY (EXPENSE)
  25. RENT (EXPENSE)
  26. COMMISSION (EXPENSE)
  27. DISCOUNT (EXPENSE)
  28. INTEREST (EXPENSE)
  29. CAPITAL (EXPENSE)
  30. DRAWINGS (EXPENSE)
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