What is difference between trail balance and general ledger?

The major differences between trail balance and general ledger are as follows −

Trail balance

• It is a statement of debit and credit balances.

• It is called a trail balance only.

• It summarises all ledger accounts.

• It may or may not contain suspense accounts.

• It can’t be analyzed details.

• No classification of accounts.

• It is prepared on final day of accounting year.

General Ledger

• It is account wise summary.

• It is also called as principle book of accounts and book of final entry.

• It summarises all journal entries.

• It consists of many pages.

• No suspense account.

• It is analysed in detail.

• It is prepared on class of accounts.

• It is prepared on transaction during accounting year.

Mandalika

Published on 24-Jul-2020 06:49:52

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