Ask Experts Questions for FREE Help !
Ask
    Jeanne Arcand's Avatar
    Jeanne Arcand Posts: 4, Reputation: 1
    New Member
    		  
    #1

    Jul 15, 2007, 10:44 AM
    Trial Balance & Balance Sheets
    Hi,

    I am using Microsoft Money to do my husband's small company's books (Canada)
    If it's a sole proprietorship, do I really need a trial balance and balance sheet?

    Thanks
    Jeanne
    CaptainForest's Avatar
    CaptainForest Posts: 3,645, Reputation: 393
    Ultra Member
    		  
    #2

    Jul 15, 2007, 12:51 PM
    It shouldn't take you that long using a computer program to come up with a Trial Balance and Balance Sheet, therefore I strongly recommend that you prepare one.

    But, you asked, do I have to? The answer to that question is no, you do not. The government only cares how much income you make, which is an income statement question.

    But once again, I would like to stress on the trial balance and balance sheet, as they will be VERY useful tools when trying to analyze the business.
    coble_donald's Avatar
    coble_donald Posts: 3, Reputation: 0
    New Member
    		  
    #3

    Nov 5, 2007, 01:14 PM
    What is a trail balance sheet
    coble_donald's Avatar
    coble_donald Posts: 3, Reputation: 0
    New Member
    		  
    #4

    Nov 5, 2007, 01:15 PM
    What is a trai balance and how to get started
    mbj11's Avatar
    mbj11 Posts: 1, Reputation: 1
    New Member
    		  
    #5

    Dec 30, 2008, 02:12 PM

    Formate of trial balnce and balance
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
    Ultra Member
    		  
    #6

    Dec 31, 2008, 11:54 AM

    A trail Balance shows that your Debits = your Credits.

    If your Debits do not = your Credits then you have a posting error somewhere.

    The format for a Trial Balance is Excel or a Worksheet.

    Column one lists all your accounts in sequence.
    Column two is your Debit Balances
    Column three is your Credit Balances

    At the bottom of Column 2 and 3 you total your balnces. Your Debits and your Credits should be the same amount.
    SAYANTAN BASU's Avatar
    SAYANTAN BASU Posts: 1, Reputation: 1
    New Member
    		  
    #7

    Jan 3, 2009, 05:38 AM

    What type of accounts is general reserve account ?
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Errors in Journalizing and posting & effects on trial balance [ 4 Answers ]

I am confused with this part of my homework.. here it is... The bookkeeper for Stan Tucci Equipment repair made a number of errors in journalizing and posting, as described below. 1.A debit posting of $750 for prepaid insurance was debited to insurance expense. 2. A cash purchase of...

If T-Accounts Balance does this mean balance sheet & P&L work correctly? [ 1 Answers ]

Hi, Just wondering been having some problems with my Balance Sheet balancing, I was wondering if the Trial Balance balances, does that mean that the balance sheet will balance? (given that I do everything correctly? ) Also just a quick question while I'm asking, regarding depreciation in...

Balance Sheets [ 5 Answers ]

Hello, I'm a treasurer for a club at the local college. I'm just finishing up my year so I can return the books to the advisor and I just have one problem. My Cash in Bank Doesn't equal my capital. Any Suggestions? Balance Sheet Assets Cash in Bank $3840.77 Total...

Balance sheets & Income Statements [ 2 Answers ]

I recently was asked to take a test for an interview on Balance sheets or Income Statement credit or debit. Please give me some examples for Balance Sheet and Income Statements being a credit or debit.

View more questions Search