Trial Balance is an indication of the financial status of a business. It's a recorded summary of the business activities. Businesses record their transactions, summarise and categorise them. This is called ledger. All the ledger balances and transactions are recorded in a Trial Balance. Profit and Loss Account shows the outcome of a business for a financial year. All income and expenses are recorded in this financial statement. The difference between the income and expenses is profit or loss. Balance Sheet is the summary of the Assets and Liabilities of a business. Assets are the properties, deposits and others owned by the business. Liabilities are the total amount a business owes to his creditors. All business owners and employees should have the knowledge of all these statements. Please see the presentation for details.

Aparika Sharma

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