A trial balance is a fundamental accounting tool that helps ensure the accuracy of financial records by summarizing all ledger balances at a specific point in time. It serves as the foundation for preparing financial statements, allowing businesses to detect errors and maintain proper bookkeeping.

In India, businesses primarily follow accounting principles under GAAP or Ind AS when maintaining financial records. The trial balance is crucial for ensuring that total debits match total credits, forming the backbone of accurate financial reporting.

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