I n t e r a c t I v e t e X t foundations in Accountancy/ acca financial accounting (ffa/FA) bpp learning Media is an acca approved Content Provider

 

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   The trial balance 

At suitable intervals, the entries in each ledger account are totalled and a balance is struck. Balances 

are usually collected in a trial balance which is then used as a basis for preparing a statement of profit 

or loss and a statement of financial position.  

You have a list of transactions, and have been asked to post them to the relevant ledger accounts. You 

do it as quickly as possible and find that you have a little time left over at the end of the day. How do 

you check that you have posted all the debit and credit entries properly? There is no foolproof method, 

but a technique which shows up the more obvious mistakes is to prepare a trial balance. 

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