What is difference between trail balance and general ledger?

Banking & FinanceManagementCompanies/Organisations

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.

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