Fwd: Re: trial balance - troubleshooting

Tue May 24 01:29:15 EDT 2016

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Date: 	Tue, 24 May 2016 10:30:51 +0800
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<CAOXTaOTk+eSP1Cd_KWn0Yjs78NC9oAcgcsPA=dSO_N3bs13oAw at mail.gmail.com>
Subject: 	Re: trial balance - troubleshooting
From: 	__ <tereque at gmail.com>
To: 	DaveC49 <davidcousens at bigpond.com>
Content-Type: 	multipart/alternative; boundary=001a113d04fa7f733d05338d58a6

thanks for the feedback. If you mean that for a personal account there
is no legal requirement for debits to match credits ... that migh be
true. Especialy while there is not requirement to do accounting for a
person in general ....

I am referring to what wikpedia says about tse purpose a trial balance
   "... to prove that the value of all the debit value balances equal
the total of all the credit value balances. If the total of the debit
column does not equal the total value of the credit column then this
would show that there is an error in the nominal ledger accounts. This
error must be found before a profit and loss statement and balance sheet
can be produced"

I think also just logically they have to match unless there is a logical
error

On Sat, May 21, 2016 at 3:11 PM, DaveC49 <davidcousens at bigpond.com
<mailto:davidcousens at bigpond.com>> wrote:

    There is no requirement for the debits and credits on an individual
    account
    to sum to zero. This is a strict requirement on the debits and credits
    involved in an individual transaction and those debits and credits can
    involve two or more accounts.

    For an individual account e.g. an asset  or expense account the
    requirement
    would be that the

    Opening Balance + Sum ( debits to the account) - Sum( credits to the
    account) = Closing balance

     where the Opening Balance is the Balance at a specified date and the
    Closing balance is the balance at another specified date after the
    opening
    date and the debits and credits are for all transactions to the account
    between the opening and closing dates.

    For Liability, Equity and Income accounts the appropriate
    relationship is

    Opening Balance - Sum ( debits to the account) + Sum( credits to the
    account) = Closing balance.

    These relationships are a consequence of the accounting equation and the
    conventional definitions of debit/ credit  for each type of account.

    Hope this helps to find the problem

    Cheers
    DaveC49

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