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    An Investigation Into The Audits of Offshore Supply Chain Management Enterprises

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    Wawex Davis
    The trial balance is a list of all the ledger account balances on a given date and is the first step in preparing final accounts. It shows the debit and credit balances of all balance sheet accounts (assets, liabilities, capital) and income statement accounts (revenues and expenses) to ensure the equality of total debits and credits. The trial balance does not include closing stock which is adjusted later in the accounting process along with other period-end adjustments.

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    An Investigation Into The Audits of Offshore Supply Chain Management Enterprises

    Uploaded by

    Wawex Davis
    26 views4 pages
    The trial balance is a list of all the ledger account balances on a given date and is the first step in preparing final accounts. It shows the debit and credit balances of all balance sheet accounts (assets, liabilities, capital) and income statement accounts (revenues and expenses) to ensure the equality of total debits and credits. The trial balance does not include closing stock which is adjusted later in the accounting process along with other period-end adjustments.

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    An Investigation Into the Audits of Offshore Supply Chain Management Enterprises

    Original Title

    An Investigation Into the Audits of Offshore Supply Chain Management Enterprises

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    The trial balance is a list of all the ledger account balances on a given date and is the first step in preparing final accounts. It shows the debit and credit balances of all balance sheet accounts (assets, liabilities, capital) and income statement accounts (revenues and expenses) to ensure the equality of total debits and credits. The trial balance does not include closing stock which is adjusted later in the accounting process along with other period-end adjustments.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    26 views4 pages

    An Investigation Into The Audits of Offshore Supply Chain Management Enterprises

    Uploaded by

    Wawex Davis
    The trial balance is a list of all the ledger account balances on a given date and is the first step in preparing final accounts. It shows the debit and credit balances of all balance sheet accounts (assets, liabilities, capital) and income statement accounts (revenues and expenses) to ensure the equality of total debits and credits. The trial balance does not include closing stock which is adjusted later in the accounting process along with other period-end adjustments.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    of 4

    TRIAL

    BALANCE
    The first step in preparation of Final Accounts is the preparation of
    Trial Balance. In the double entry system of book keeping, there will
    be credit for every debit and there will not be any debit without credit.
    The trail balance generally does not include stock in hand at the end
    of the period. All adjustments required to be done at the end of the
    period, including closing stock, are generally given under the trail
    balance.
    definition
    A trial balance is a list of all the balances standing on the Ledger
    accounts and cash Book of a concern at any given data.
    “Spicer
    and Pegler”
    Particulars In trial balance Reason
    Capital Credit Loan
    Opening stock Debit Asset
    Purchases Debit Expenses
    Sales Credit Gain
    Return inwards Debit Loss
    Return outwards Credit Gain
    Wages Debit Expenses
    Freight Debit Expenses
    Transport expenses Debit Expenses
    Royalties on production Debit Expenses
    Gas, fuel Debit Expenses
    Discount received Credit Revenue
    Discount allowed Debit Loss
    Bad debts Debit Loss
    Bad debts reserve Credit Gain
    Commission received Credit Revenue
    Repairs Debit Expenses
    Rent Debit Expense
    Salaries Debit Expense
    Loan taken Credit Loan
    Interest received Credit Revenue
    Interest allowed Debit Expenses
    Insurance Debit Expenses
    Carriage out words Debit Expenses
    Advertisements Debit Expenses
    Petty expenses Debit Expenses
    Trade expenses Debit Expenses
    Petty receipts Credit Revenue
    Income tax Debit Drawings
    Office expenses Debit Expenses
    Customs duty Debit Expenses
    Sales tax Debit Expenses
    Provisions for discount on Credit Liability
    debtors
    Provisions for discount on Debit Asset
    creditors
    Debtors Debit Asset
    Creditors Credit Liability
    Goodwill Debit Asset
    Plant, machinery Debit Asset
    Land, building Debit Asset
    Furniture, fittings Debit Asset
    Investments Debit Asset
    Cash in hand Debit Asset
    Cash at bank Debit Asset
    Reserve fund Credit Liability
    Loans and advances Debit Asset
    Horses, cars Debit Asset
    Excise duty Debit Expenses
    General reserve Credit Liability
    Provision for depreciation Credit Liability
    Bills receivable Debit Asset
    Bills payable Credit Liability
    Depreciation Debit Loss

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