Can you give me a list of debit and credit items in trial balance?

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Trial Balance

Are you facing difficulty in understanding the crux of the trial balance? I would like to help you by providing the meaning followed by items to be included on either side of the trial balance.

Meaning

The term trial balance refers to the total of all the general ledger balances. It is a statement prepared at a certain period to check the arithmetic accuracy of the accounts (i.e., whether they are mathematically correct and balanced). It contains a list of all the general ledger accounts.

Trading account, Profit and Loss account and Balance Sheet are prepared according to the ledger balances as posted in the trial balance.

Now it’s time to learn about the various items which are placed on either side of the trial balance.

 

Items that appear on the debit side of the trial balance

Generally, assets and expenses have a positive balance so they are placed on the debit side of the trial balance. An asset and expense increases when it is debited and vice versa

Exclusive List of Items

  1. Land and Buildings
  2. Plant and Machinery
  3. Furniture and Fixtures
  4. Office Tools and Equipment
  5. Cash at Bank
  6. Cash in Hand
  7. Motor Van
  8. Loss from the sale of fixed assets
  9. Travelling charges
  10. Printing and postage expenses
  11. Legal expenses
  12. Selling and distribution expenses
  13. Sundry debtors
  14. Bills receivables
  15. Commission paid
  16. Rent paid
  17. Interest paid
  18. Discount allowed
  19. Opening stock
  20. Purchases
  21. Prepaid expenses
  22. Advertisement expenses
  23. Bad Debts
  24. Wages and salaries
  25. Bank charges

 

Items that appear on the credit side of the trial balance

Generally capital, revenue and liabilities have credit balance so they are placed on the credit side of the trial balance. The capital, revenue and liability increase when it is credited and vice versa.

Exclusive List of Items

  1. Sundry Creditors
  2. Bank Overdraft/Loan
  3. Bills Payables
  4. Sales (Revenue)
  5. Purchase Returns
  6. Common stock
  7. Un-earned revenues
  8. Retained earnings
  9. Rent Received
  10. Interest Received
  11. Discount from Creditors
  12. Discount on Purchases
  13. Dividend Received
  14. Interest on Drawings
  15. Bad Debts recovered
  16. Provision on Bad Debts (Cr.)
  17. Apprentice premium
  18. Miscellaneous/Sundry income
  19. Commission received
  20. Bank interest received
  21. Compensation received
  22. Outstanding income
  23. Income from investments
  24. Bonds payable
  25. Other incomes