Hi all, I have just finished my level 1 ICB manual bookkeeping exam and at the end you have to do a trail balance. Just a quick question if the trail balance adds up does that mean that I must have got all the ledger accounts correct. I hopefully know the answer but just have the odd doubt and could use a little encouragement. Thanks Geoff
The trial balance basically tells you if your debits equal your credits. It is always a good sign when it balances, but there is a still a possibility that amounts have been entered to the wrong nominal/ledger account. For example, a sales invoice raised could be debited to the bank as opposed to the sales ledger control account, and credited to the sales account. Your trial balance would still balance but your ledgers would be incorrect. However, examiners are normally quite lenient if you've only made a small error and shouldn't penalise you too many marks. The important thing is that your TB adds up and shows the examiner that you're on the right lines!
, but there is a still a possibility that amounts have been entered to the wrong nominal/ledger account. For example, a sales invoice raised could be debited to the bank as opposed to the sales ledger control account, and credited to the sales account. Your trial balance would still balance but your ledgers would be incorrect. However, examiners are normally quite lenient if you've only made a small error and shouldn't penalise you too many marks. The important thing is that your TB adds up and shows the examiner that you're on the right lines! 
