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What is the purpose of the post-closing trial balance?
Financial Accounting
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Financial Accounting
What is the purpose of the post-closing trial balance?
Explain the purpose of the post-closing trial balance.
Explanation of Solution
Trial Balance: A trial balance is the summary of the closing balance of all the ledger accounts on a particular date. A trial balance is often prepared at the end of the accounting period in order to assist the accountants in the preparation of the financial statements.
Post-Closing Trial Balance: After passing all the journal entries and the closing entries of the permanent accounts and then further posting them to each of the respective accounts, a post-closing trial balance is prepared which consists of a list of all the permanent accounts. A post-closing trial balance serves as an evidence to prove that the balance of the permanent accounts is equal...
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