Trial Balance
|
Balance Sheet
|
|
1 |
It is
prepared to verify the arithmetical
accuracy of books of accounts |
1 |
It is
prepared to disclose the true financial
position of the business |
|
2 |
It is
prepared with balances of all the ledger
accounts |
2 |
It is
prepared with the balances of assets and
liabilities accounts. |
|
3 |
It is not
a part of final accounts |
3 |
It is an
important part of final accounts. |
|
4 |
It is
prepared before the preparation of final
accounts |
4 |
It is
prepared after the preparation of
trading and profit and loss account. |
|
5 |
It may be
prepared a number of time in an
accounting year. |
5 |
It is
generally prepared once at the end of
accounting year. |
|
6 |
Generally,
it includes opening stock but not
closing stock. |
6 |
It always
includes closing stock but not opening
stock. |
|
7 |
There is
no rule for arranging the ledger
balances in it. |
7 |
Assets and
liabilities must be shown in it
according to the rule of marshaling. |
|
8 |
It is not
required to be filed to anybody. |
8 |
It must be
filed with the registrar of companies if
the business is a company. |
|
9 |
Auditor
need not to sign it. |
9 |
Auditor
must sign it. |
