The Trial Balance can be taken at any point in time. It lists all ledger accounts and their balances and is used to see if debit and credit balance. Assets are listed first followed by liabilities and then owner's equity. Debit balances are listed in the left side and credit balances in the right side.
The Trial Balance is a list of all the ledger accounts. You have to list all your total debits and credits from each general ledger account. There should be three columns and they should be account name, debit and credit. For each account you have to total your debit and credit for the accounting day for which you are doing the trial balance. You have to record the total for each account in the right column. It is listed on one day and this is usually the final day of the financial year and the heading tells us this which is useful because it helps you see any problems quickly and easily and you can resolve them when they happen. If the trial balance is unbalanced this will mean that you have a mistake in the accounting process. If you want to find the mistake then you have to calculate the credit and debit columns again.
The trial balance shows that the accounts balance. For example:
This trial balance shows that the credits and debits balance, because they both have the same total amount which is 157,500. If they wouldn’t balance then there would be a mistake in the general ledger accounts.