Trial Balance Sheet

A trail balance sheet is one of the most important financial documents of the double entry system. Trial balance of a business can be done at any time of the financial period to keep the accounts fair and transparent. Some of the businesses run a trail balance on daily bases to complete their daily accounting cycle.

Template of a Trail Balance Sheet

Account Name Debit Credit
Capital Accounts Xxx
Long Term Liabilities Xxx
Current Liabilities Xxx
Fixed Assets Xxx
Current Assets Xxx
Trading and Production Accounts Xxx Xxx
Expenses Xxx
Income Xxx
Total Xxx Xxx

While preparing a trail balance sheet a few things must be kept in mind that are the assets are always shown in the debit side of the balance sheet. All the liabilities whether they are long term liabilities and current liabilities are recorded on the credit side of the balance sheet. All the expenditures of the business are recorded on the debit side of the balance sheet where as the income is recorded on credit side of the balance sheet. At the end you need to tally all the figures for confirmation and you can do so by applying the formula

Assets= Liabilities +Owner’s Equity

Trial balance sheet must be prepared with extra care as one single mistake can disrupt the flow of entire balance sheet making it faulty and erroneous. You can also take help of financial software to make an error free trail balance sheet instead of preparing a manual one for your business.

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