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The income statement is prepared using the revenue and expense accounts from the trial balance.
How to prepare income statement and balance sheet from trial balance. The five column sets are the trial balance adjustments adjusted trial balance income statement and the balance sheet. After a company posts its day to day journal entries it can begin transferring that information to the trial balance columns of the 10 column worksheet. The layout of the trial balance is quite simple easy to read and just makes a lot of sense. Prepare balance sheet for f.
Both the trial balance and the balance sheet preparation are parts of the accounting cycle below. Unit 4 preparation of trial balance and financial statements prepared by prepared by. Green as at 31 march 2015. It becomes evident from the above that trial balance is an interim statement that assists in the preparation of the financial statements.
In the absence of information about the date of repayment of a liability then it may be assumed. The trial balance is prepared after all of the current period s transactions have been journalized and posted to the general ledger and as we mentioned above before the balance sheet and income statement. To do this we shall simply replace all the revenue accounts of the adjusted trial balance by just one line. How to prepare balance sheet from trial balance.
This is the balance sheet. If an income statement is prepared before an entity s year end or before adjusting entries discussed in future lessons it is called an interim income statement. The following trial balance is prepared after preparation of income statement for f. Preparation of balance sheet horizontal and vertical style.
The balance of the income statement bottom line of the is. Green as at 31 march 2015 in both horizontal and vertical style.
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