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 T-Accounts, I have worked out the depreciation charge for one month as I'm only doing the T-Accounts for one month. In my mind I should Debit the items T-Account example Motorbike. And Credit the Depreciation T-Account, is this correct?

Thanks in advance.

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Originally Posted by DirtyRay

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??)

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Yes, that is exactly what it means.

Quote:

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Originally Posted by DirtyRay

Also just a quick question while I'm asking, regarding depreciation in T-Accounts, I have worked out the depreciation charge for one month as I'm only doing the T-Accounts for one month. In my mind I should Debit the items T-Account example Motorbike. And Credit the Depreciation T-Account, is this correct?

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You would Debit the Depreciation Expense account and you would Credit the Accumulated Depreciation Account. Accumulated Depreciation is a contra-asset, therefore when adding to it, you credit it.