HOW TO PREPARE PROFIT AND LOSS ACCOUNT AND BALANCE SHEET IN LESS THAN TEN MINUTES
Hi friends, here we are going to learn how to do balance sheet and statement of profit and loss in less than ten minutes. Let us begin the topic with trail balance. Trail Balance is a statement of debit and credit balances of various ledger accounts at the end of the financial year or any given date.As it is prepared by taking all ledger account balances , both debit and credit sides of the trail balance are always equal.T rail balance is used to prepare final accounts of entity.