HiCan somebody please enlighten me on the correct order for items on a trial balance.Many thanksMartin
I don't think it matters. I have never put items in any set order.
It doesn't really matter but it helps if you put the balance sheet items (Fixed/current assets, current/long term liabilities, capital etc) on the top and the P/L items (sales/expenses) lower down.
OMG Yes it does matter how the Trial balance is set out!!!!You should start with the balance sheet and then move from the balance sheet to the P&L.A TB should follow the following FormatFixed AssetsCurrent AssetsCurrent LiabilitiesLong term LiabilitiesEquity / CapitalSalesC O G SDirect ExpensesOverheadsBest regardsStuart
Stuart Wildman said:
“ OMG Yes it does matter how the Trial balance is set out!!!!
OMG Yes it does matter how the Trial balance is set out!!!!
Hi Thanks for the interesting responses - not sure what an OP is though!If it is exams or in practice presumably it has to be the same - would i get marked down if i had it in the wrong order.RegardsMartin
Thanks for the replies - it sounds logical to put them in the order suggested as this would tie up with the P & R and the balance sheet.What is an OP?
Acorn2oak said:
“Thanks for the replies - it sounds logical to put them in the order suggested as this would tie up with the P & R and the balance sheet.What is an OP?”