Trial Balance

Gap-fill exercise

  
Fill in all the gaps, then press "Check" to check your answers. You have 8 minutes to attempt this exercise.
   credit      debit      Ledger Folio   
Trial balance is always prepared on a particular date. Therefore, the words ‘As on…’ are used with its heading instead of ‘For the year ending…’.
It contains four columns. First column is meant for the name of the account, the second column is meant for the , the third column is meant for the balances and the fourth column, is for the balances.
As all assets have debit balances, they should be shown on the side of the Trial Balance.
As all Liabilities have credit balances, they should be shown on the side of the trial balance.
Purchase Returns always shows a balance and hence will be written on the side.
Sales returns always show a balance and hence will be written on the side.
Discount Received and Interest on investments are items of income. As incomes show balances, they will be written on the credit side.