What is the main purpose of a Trial Balance?

The main purpose of a Trial Balance is to verify the arithmetical accuracy of the ledger postings. It ensures that the total of all debit balances equals the total of all credit balances.

Can a Trial Balance agree if there are errors?

Yes, a Trial Balance can agree even if errors exist. Errors of principle, complete omission of a transaction, compensating errors, and certain errors of duplication may not cause the Trial Balance totals to disagree.

Knowledge Base Foundation Paper 1 Accounting Chapter 2Trial Balance

References

Chapter Source Notes
ICAI BOS
ICAI Study Material
MTP References
Previous Year Questions
RTP References

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Trial Balance: A Comprehensive Guide for CA Foundation Accounting Students

Kartavvya CA Expert Team

Updated on 5/15/2024

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Trial Balance: A Comprehensive Guide for CA Foundation Accounting Students — CA Knowledge Base | Kartavvya