💥 SUMMARIZING CHANGES IN FINANCIAL POSITION [PART : 5] 💥
ALL ABOUT ACCOUNTING : 44th BLOG 💎 ACCOUNTING💎 ★ Accounting exercise and practices : Lesson : 4 [Part : 5] Hi friends 🙏 Today's discuss remaining part of summarizing changes in financial position So let's discuss .... ★ SUMMARIZING CHANGES IN FINANCIAL POSITION : ⭐ TRIAL BALANCE : At the end of an accounting period (usually monthly ), once all journal entries have been made and posted, It is necessary to verify that the debits and credits are in balance. This procedure is referred to as preparing the Trial Balance. The Trial Balance is prepared by taking the account balances from the general ledger and listing the accounts having debit balances in one column and those having credit balances in the other column. Next, The debit balances are totalled and the credit balances are totalled. Finally, The sum of the dabit balances is compared with the sum of the credit balances. The sums should be equal in order for the ledger accounts