the formate of Trial Balance is,
Debit Credit
1) Current Liabilites xx xxx
2) Fixed Assets xxx
3) Current Assets xxx xxx
4) Direct Income xxx xxx
5) Direct Expenses xx
6) Indirect Income xxx xxx
7) Indirect Expenses xxx xxx
Profit or Loss A/c xxx
A Trial Balance is the list of all ledger balances. To
summarize we hv to start with Manufacturing/Trading a/c
followed by Profit & Loss account ends with Balance Sheet.
In Profit & Loss a/c after arriving the Gross Profit we hv
to summarize the Expenses & Income to arrive the Net Profit
which has to be accounted under capital account in Balance Sheet
The question itself is not clear But I understood his
opinion as Where to place the ledger balances under Debit
or credit.
Sri VPNarasimham sir His question travelled in one way your
answer travelled in a different way. This type of answer
may not satisfy you as well as others.Keep always one thing
in mind. Your answer should be brief and sraight. It should
be impressed by others.
In this juncture I would like to introduce myself as a Tax
Practitioner doing since 35 years. To help and educate
youth recently I prepared 6 sets of question papers and
sending to interested candidates who furnished their e-mail
address to me and asking those to return back the papers
duly answered. After receiving them I am valuing and
sending back with comments and suggesstion along with the
continuing paper and also the answer book prpared by me. If
pleased with policy pl send your e-mail to join in the
scrolls