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Accountancy · 9 chapters
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Chapter 6: Trial Balance and Rectification of ErrorsClass 11 Accountancy — summary, notes, extra questions & MCQ quiz

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A trial balance is prepared mainly to verify the:

Summary

A trial balance is a statement showing the balances, or the totals of debits and credits, of all the ledger accounts on a particular date, prepared to verify the arithmetical accuracy of posting. Under the double entry system the total of debit balances should equal the total of credit balances. The objectives of preparing a trial balance are to ascertain the arithmetical accuracy of the ledger, to help locate errors and to assist in preparing the financial statements. It may be prepared by the totals method, the balances method, or the totals-cum-balances method, the balances method being most common. However, the agreement of a trial balance does not guarantee that the books are free from all errors. Errors are classified as errors of commission, errors of omission, errors of principle and compensating errors. Some errors affect the agreement of the trial balance (one-sided errors) while others do not (two-sided errors). When errors are detected, they are rectified: errors that do not affect the trial balance are corrected by passing a rectifying journal entry, while one-sided errors affecting the trial balance are corrected through a suspense account. A suspense account is opened temporarily to make the trial balance agree and is closed when all errors are located and rectified.

Meaning and objectives of trial balanceMethods of preparing a trial balanceClassification of errorsErrors affecting and not affecting the trial balanceRectification of errors and the suspense account

Key terms

Trial Balance
A statement showing the balances or totals of debits and credits of all ledger accounts to verify the arithmetical accuracy of posting.
Error of Commission
An error such as wrong amount, wrong posting or wrong casting committed while recording or posting a transaction.
Error of Omission
An error where a transaction is completely or partially omitted from the books of account.
Error of Principle
An error arising when a transaction is recorded in violation of accounting principles, such as treating capital expenditure as revenue.
Compensating Error
Two or more errors whose effects cancel each other, so the trial balance still agrees.
Suspense Account
A temporary account opened to make the trial balance agree until one-sided errors are located and rectified.

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A statement showing the balances or totals of debits and credits of all ledger accounts to verify the arithmetical accuracy of posting.
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Trial Balance and Rectification of Errors

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