Trial Balance
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Balance Sheet
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(i) The trial balance contains the balances
of all the three accounts i.e. real, nominal and personal.
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(i) The balance sheet contains the balances
of real and personal accounts only.
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(ii) The trial balance shows the
arithmetical accuracy of the accounts.
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(ii) The balance sheet exhibits the
financial position of the business concern.
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(iii) Trial balance is prepared before
the preparation of the trading,
PLS
account and balance sheet.
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(iii) Balance sheet is prepared after the preparation of
trading, P&L account as well as the trial balance.
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(iv)
The outstanding incomes and expenses are not incorporated in the trial balance.
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(iv)
Balance sheet
shows outstanding expenses and accrued income.
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(v)
The value of closing stock is not stated in the trial balance.
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(v)
The value of closing stock is stated in thebalance sheet.
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(vi)
The trial balance is not
presented to users of financial statements.
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(vi)
The balance sheet is included in
financial statements to be presented to the users.
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