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Trial Balance used in Final Accounting : When Prepared?

The Trial Balance is a statement of ledger account balances as on a particular date (instance). Final Accounting is done towards the end of the accounting period.
The trial balance that we consider in the preparation of final accounts is the one that is prepared towards the end of the accounting period i.e. on the last day of the accounting period.

Transactions after the Trial Balance Date

There might be a number of accounting transactions which might not have been taken into consideration by the time the Trial Balance has been prepared.
Some of the reasons for the presence of such transactions are

Transactions which do not occur in the normal course of business

There are a number of transactions relating to the business which do not occur in the normal course of business. These transactions unless deliberately recorded do not get into the books of accounts. Examples for such transactions
Stock taken away by the proprietor for personal use
Abnormal loss of stock

Transactions which have to be recorded only towards the end

There are a number of transactions relating to the business which have to be recorded only at the end of the accounting period. If the trial balance has been prepared before all such transactions into consideration have been taken into consideration, then they stay unrecorded in the books of accounts.
Depreciation on Assets
Expenses - Outstanding/Prepaid
Incomes - Outstanding/Pre-received

Transactions relating to Error Rectifications

The agreement of a Trial Balance is not a conclusive proof of absence of errors in accounting. Even in case where the trial balance agrees, there may still be errors existing in the books of accounts. These errors if identified subsequent to the preparation of the Trial Balance, need to be rectified which needs journal entries to be passed for rectification.
CA for Income-tax return filing, CA for IT Return filing, Tax Consultants in Chennai, Company Incorporation in Chennai, CA in Chennai, Auditor in Chennai, Chennai Auditors
Accounts Consultant in Chennai, Accounting Services in Chennai, Accountants in Chennai, Tally Accounting in Chennai, Book keeping in Chennai, Chennai CAs, Chartered Accountant Chennai

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