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difference in balance sheet & trail balance

bgdia_tally (bussiness) (60 Points)

11 July 2008

What is the difference between in Balance sheet and Trail balance in Tally

and how

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7 Replies

RAMANI NATARAJAN (Assistant General Manager - Finance) (56 Points)
Replied 12 July 2008

can you retype the question again

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Rahul Seksaria (C.A (Final) & C.S (Inter)) (54 Points)
Replied 12 July 2008

what is the similairity between tghe two that you found in Tally Output

CA Mohd Gouse (Chartered Accountant) (497 Points)
Replied 16 July 2008

Originally posted by :bgdia_tally

The difference between in Balance sheet and Trail balance

is onaly that in b/s u get net proit(i.e Incomes minus Expenses) whereas in T/B u get all Inomes & expneses details.u can verify in Tally itself.

hope that i have an\nswered the question...........

jatin bhatia (article clerk) (20 Points)
Replied 16 July 2008

Mohd . is correct

Only difference is that B/s contains only final figure of income and expenditure in form of NET PROFIT /LOSS and Trial balance contains details of income & expenditures

(Guest)

First you have to understand the procedure of Accounts,

1 Voucher entry 2 Cash Book/day book entry 3. Ledger posting 4. Trial Balance 5. Trading & P/L axxount 6. Balance Sheet.

As you can see the all of above is done with in serial wise. If any of the step missed you are unable to finalize the accounts.

Trial balance is just only a table which showns the closing balance of all ledger account. Total of both side should be tallyed, and there after the books are ready for finalization. You can prepare Trading, P/L A/c and balance sheet from it.

I think now it is clear to you that Balance Sheet is the final result of the whole accounting and the trial balance is only a statement of ledger balances.

Rajesh

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(Guest)

Originally posted by :bgdia_tally
"	What is the difference between in Balance sheet and Trail balance in Tally and how	"

Umesh V Naig (Statutory Analyst) (452 Points)
Replied 14 November 2008

Difference between Balance sheet and Trialbalance is - Balance Sheet gives the closing balance of all assets and liabilites as on the last date of the given period. The balance in the reserves & surplus a/c represents the cumulative profit of the organisation. Trial balance means the closing balance of all the income/expenditure and assets and liabilities a/c. The answer is very simple arising out of 4 years Chartered Accountants knowledge.