What is Trial Balance? What is objective of preparing Trial Balance? Explain limitations of Trial Balance.

A Trial Balance is a statement that summarizes the balances of all ledger accounts at a specific point in time. It comprises two columns, one for debit balances and the other for credit balances, with the total debits equaling total credits. It acts as an intermediate step in the accounting cycle, facilitating the preparation of financial statements.

Formation of Trial Balance:
The process of creating a Trial Balance involves extracting the closing balances of all ledger accounts, categorizing them into debit or credit columns, and then ensuring that the total debits match the total credits. This balance is usually prepared at the end of an accounting period.

Objectives of Preparing Trial Balance are :

1. Error Detection:
   - Arithmetic Accuracy: The primary objective of a Trial Balance is to detect any arithmetic errors in the ledger ____ ___ _____ __________ ____ _______.
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