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Home/Questions/Q 60058
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Sapna Takia
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Can you give me a list of debit and credit items in trial balance?

debit and creditlisttrial balance
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    1. This answer was edited.

      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 as 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 its 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 trial balance

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

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

       

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