Accounting·Basic accounting systems · NSSCO 3.2
Preparing a Trial Balance
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Once every ledger account has a balance, we gather them all onto one page called the Trial Balance. In this lesson we learn what it is, why we prepare it, which balances are debits and which are credits, and we build a full Trial Balance in N$ that comes out perfectly equal. We also meet its three versions — pre-adjustment, post-adjustment and post-closing — and discover the errors it can still hide.
What you'll learn in this lesson
By the end you should be able to (NSSCO Accounting 3.2):
- Explain the meaning of the term Trial Balance
- State the reasons for preparing a Trial Balance
- Explain and distinguish between Pre-adjustment, Post-adjustment and Post-closing Trial Balances
- Prepare a Trial Balance
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Ms Pieters and Mike talk through the whole topic — with the figure and working drawn live.