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Adjusted Trial Balance

Meaning of Adjusted Trial Balance 

Adjusted trail balance is that list which shows the balances of all accounts including all adjustments. For example, if you see outstanding salary account in trial balance, it will be adjusted trial balance because we pass the closing entries of outstanding salary and same account has been mentioned in adjusted trial balance before preparing financial statement. If we have done all the adjustments and mention in adjusting trial balance, we need not to do more adjustments in final account.

For example, if adjusted trial balance is showing RS. 20000 as outstanding salary account, it means it has been adjusted with salary account and there is no need to add outstanding salary in salary expenses in profit and loss account. We only show salary account in profit and loss account and then we show outstanding salary as current liability in balance sheet.

Importance of Adjusted Trial Balance 

Every good account should keep eye on every unadjusted financial item. If he passes the journal entry of every adjustment and shows its effect on adjusted trial balance, it is good for fair practical view of financial statements.

Related : Closing Entries 

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Accounting Education: Adjusted Trial Balance
Adjusted Trial Balance
Accounting Education
http://www.svtuition.org/2011/09/adjusted-trial-balance.html
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