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Because trial balance only shows closing balances of accounts for a particular date. If there is a mistake in posting, then it affect the accounts related to the voucher but as per double entry system, both debit & credit are posted in the books so trial balance will always b balanced.
Trial balance is a prima facie evidence that debit and credit balances have been posted correctly. This means there can be an error but if it's repeated on the other side too, then the trial balance would still tally but that wouldn't mean that all balances from chart of accounts have been posted correctly.
Trail Balance is showing All the chart of accounts General ledger closing balance even you pass the journal entery with wrong amount, the debit & credit account will be the equal and this double entry will effect in the accounts general ledger closing balance.
A trial balance is supposed to be balanced when both debit side and credit side are equal.
But equal debits and credits do not guarantee the accuracy of the debited or credited amount.
For example, you paid for a computer. You were supposed to make the following double entry:
Dr. Asset
Cr. Cash/Bank
However, you erroneously made the following double entry:
Dr. Receivable
Cr. Cash/Bank
Although this double entry would balance the trial balance, yet it remains conceptually an incorrect entry.
A trial balance might fail to balance for a variety of reasons. For example, if you transposed numbers while posting from the general journal to the general ledger, or from the ledger to the trial balance sheet, this could cause the trial balance to not equal out. Also, if you made a math error, this can cause a problem too. Or perhaps you credited something that should have been debited or vice versa, or you applied a transaction to the wrong account. If you bought $500 worth of office supplies with your credit card but accidentally posted it as a cash transaction, this will throw off your trial balance.
per double entry system, both debit & credit are posted in the books so trial balance will be balanced
equal mistakes
equal mistakes
equal mistakes
TB is a result of a number of the transaction but it does not mention the accuracy of the recorded transaction.
Accounts payable are recognized on the balance sheet when the company buys goods or services on credit. ... On the other hand, accrued expenses are the total liability that is payable for goods and services that have been consumed by the company or received but not yet been billed.
هل تحتاج لمساعدة في كتابة سيرة ذاتية تحتوي على الكلمات الدلالية التي يبحث عنها أصحاب العمل؟