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It is prepared to know the true financial position of the firm.
Difference of trial balance and balance sheet. Balances of all personal real and nominal account are shown in the trial balance. And the balance sheet is prepared to disclose the financial affairs of the company to external stakeholders. It is a statement that shows a detailed listing of assets liabilities and capital demonstrating the financial condition of a company on a given date.
This is an internal report that stays in the accounting department. Balance Sheet Vs Trial Balance Balance Sheet. Doesnt take part in financial statement.
It is prepared to check the arithmetical accuracy of the ledger accounts. On the contrary Balance sheet shows the balances of personal and real account only. In simple terms a balance sheet is an extension of the accounts recorded in the trial balance.
A Balance Sheet is a statement which shows the liabilities assets and shareholders equity of the enterprise. Trial Balance vs Balance Sheet Trial balance includes balances from all the accounts prepared in the general ledger and the balance sheet includes only the relevant data from the asset liability and capital accounts. Let us understand the concept and importance of a trial balance and a balance sheet before learning about their differences.
This statement comprises 2 major groups in which it is categorised namely assets which is classified into Non Current Assets and Current assets. A trial balance is an internal report that remains in the accounting department. Contains nominal real and personal accounts.
Difference Between Trial Balance and Balance Sheet Concept of Trial Balance Trial balance is an internal report generated by a companys accounting department that lists general ledger accounts as well as its balances. The Balance Sheet is the part of the Financial Statement while Trial Balance is not a part of the Financial Statement. It is prepared to show the financial position of the business on a particular date.
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