The trial balance is based on the double-entry principle that for every debit there is an equal amount of corresponding credit.

No, the approach is not correct because the two items are separate. Call-in-Arrears is shown by way of deduction from the Called-up Share Capital whereas Calls-in-Advance is shown as Current...

Correct Answer - Balance Method.

This statement is True. While balancing the ledger account the side which is greater is the balance of that account so when the debit side of an account is greater the...

i. (d) credit ii. (c) credited iii. (c) bank statement iv. (a) increases v. (b) businessman

i. (a) credit ii. (c) current iii. (a) favourable iv. (d) common v. (a) uncommon

Debit balance as per Pass Book is known as unfavorable balance.

This statement is True. A Trial balance is a statement of debit and credit balances extracted from the various accounts in the ledger. All business transactions are recorded first in Journal...

This statement is True. Every transaction is recorded through journal or subsidiary books with the principle of the double-entry book-keeping system. Journal and subsidiary books are posted to the ledger account...

A trial balance cannot be prepared under a single entry system.

This statement is True. Under the single entry system, only cash and personal accounts of debtors and creditors are open. So it is not possible to prepare. Trail balance under single...