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What liability accounts must be shown in the trial balance?

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Question added by stanley OKONYE , Accountant , Crystal Point Investment Ltd
Date Posted: 2014/10/28
Owen Gatehi
by Owen Gatehi , Head of Finance , Kapitol Services Co.

All as per the Ledgers in a firm books of accounts.

Khaled Mohee Eldeen Abbas Mahmoud
by Khaled Mohee Eldeen Abbas Mahmoud , Chartered Accountant # 10465 , Self-employed

Liabilities are obligations of the company. They can be thought of as a claim against a company's assets.

Examples of liability accounts reported on a company's trial balance include:   

Notes Payable  -Accounts Payable  -Salaries Payable  -Wages Payable -Interest Payable -Other Accrued Expenses Payable -Income Taxes Payable -Customer Deposits -Warranty Liability -Lawsuits Payable -Unearned Revenues -Bonds Payable..... Etc.  

 Liability accounts will normally have credit balances.

Muhammad Zeeshan Hyder
by Muhammad Zeeshan Hyder , Chief Accountant , SAED Group International (Al Dabbagh Group)

Must be all balance of All debit and credit accounts not matter it is liability or asset or what else.

As is it is shown by its name "Trial balance" so it is a trial to detect any mathematical errors that have occurred in the double-entry accounting system. Provided the total debts equal the total credits, the trial balance is considered to be balanced, and there should be no mathematical errors in the ledgers.

Hossam Nada
by Hossam Nada , Group Compensation and benefits Manager , Al Babtain Group

in case company didn't run any type of liability during the year so RESERVES only must be in trial balance

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