Live Course on Drafting of Appeal and Reply of Penalty Notice by CA Sachin Sinha. Register Now!!

trial balance

(Guest)

what comes in debit side of trial balance and credit side of trial balance

Reply
Follow
Share

7 Replies

CA Gandharv Sharma (Financial and Taxation consultant) (514 Points)
Replied 16 October 2010

accounts with closing credit balances come to debit side.

accounts with closing debit balances come to credit side.

Mayank Saraogi (Learner) (170 Points)
Replied 17 October 2010

"did,t" Whats this came across such a word

@ Gandhaarv you could have been a little polite in your reply

Nissim Shanawaz (student) (38 Points)
Replied 17 October 2010

credit side - what comes in ( eg: income, liability, capital etc)

debit side - what goes out ( eg: expense, asset, drawings etc)

CIA Auditor (Chief Accountant) (32 Points)
Replied 18 October 2010

In the Trial balance you will be listing all the Accounts that have been created in the General Ledger and were not cleared out (not balanced) at the time of preparing Trial Balance.

So if an account whose total on the debit is more than the total ont he credit Side, it should be shown in the debit side of the Trial Balance ad vice versa .

Though Capital A/c should have a credit balance but sometime due to cash withdrawals by the ownee, it can have the debit balance as well.

hence the above rule shall aply while preparing the trial balance.

However while preparing thebalance sheet, one need to take care of placing the liabilities and assets on the appropriate side.

Hope, the answer is clear.

1 Like

CIA Auditor (Chief Accountant) (32 Points)
Replied 18 October 2010

Correction

So if an account whose total on the debit is more than the total ont he credit Side, The Balance in that Account should be shown in the debit side of the Trial Balance and vice versa .

CA Gandharv Sharma (Financial and Taxation consultant) (514 Points)
Replied 22 October 2010

Originally posted by : Mayank Saraogi
	"did,t" Whats this came across such a word @ Gandhaarv you could have been a little polite in your reply

well, i was very much polite, but now reply does not exists, so u can't judge my politeness as what i had to say i had said it..... nd no free advises here.... thank u.