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How trial balance is prepared by using balances and totals method?
This method is used rarely because it duplicates the work. In this method, both balances and totals of debit and credit sides are tabulated in separate columns. Debit totals are recorded in the debit total column and credit totals are recorded in the credit column separately. Similarly, debit balances are recorded in the debit balance column and credit balance is recorded in the credit balance column.
The format for preparing the trial balance by using balances and totals method is given below −
- Title − Name of the company.
- DD/MM/YYYY − Trial balance prepared Date, Month and Year.
- Sl. No − Ledger account number (serial numbers).
- Particulars − Full account name of ledger account.
- Ledger folio − Page number of ledger balance of accounts.
- Debit − Debit total.
- Credit − Credit total.
- Debit (balances) − Records debit balances.
- Credit (balances) − Records credit balances.
- Both methods are used in a single method.
The disadvantages for preparing the trial balance by using totals method are mentioned below −
- Long process
- Time taking
- How trial balance is prepared by using the totals method?
- Explain how trial balance is prepared by using the balances method
- Prepare trial balance by using totals method for the given data
- How to prepare trial balance by using balances method for the given data?
- How is the balance sheet prepared from trial balance?
- Explain the format of trial balance and how it is prepared
- Prepare trial balance using total and balance method for the given data
- Distinguish between trial balance and balance sheet
- What is adjusted trial balance?
- What is unadjusted trial balance?
- What is trial balance in accounting?
- What are the objectives and features of trial balances?
- How to prepare an unadjusted trial balance?
- How are errors classified in trial balance?
- Prepare horizontal balance sheet for the following trial balance.