Definition
A trial balance is a summary of all the general ledger account balances at a specific point in time, typically at the end of an accounting period. The trial balance ensures that the total debits equal the total credits in the general ledger, serving as an internal check on the accuracy of the accounting records. While a trial balance does not guarantee the absence of errors, it helps identify discrepancies that may require further investigation and correction before preparing financial statements.
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Private Limited Company (Ltd)
A Private Limited Company (Ltd) is a type of company where the ownership is divided into shares held by a small number of shareholders. The liability of shareholders is limited to the amount unpaid on their shares, and the company’s shares cannot be traded publicly on the stock exchange.
Limited Liability Partnership (LLP)
A Limited Liability Partnership (LLP) is a business structure where partners have limited personal liability for the debts and obligations of the partnership. Each partner’s liability is limited to their investment in the LLP, and they are protected from the actions of other partners.