A balance sheet is prepared after taking the closing balances of the trial balance at the end of the year. Assets, liabilities and owner's capital appear post the closure of trial balance.
What is a trial balance?
Trial balance is an accounting report of a firm's positions at the end of each financial year. However, it is not the true and fair position of the company at the year-end, as the adjustments are not yet made.
The pro forma of a trial balance includes the receivable and holdings of the company, along with the losses and payables of the company. It also shows the number of shares outstanding.
Net profit(or losses) of a firm are ascertained after taking into account the adjustments to the accounts in the trial balance by preparation of a trading and a profit and loss account.
The adjusted balances of a trial balance and net profit or losses from a profit and loss account are transferred in the balance sheet, which shows the true and fair position of a company on any given date.
Hence, the option A; assets, liabilities and owner's capital appear on the post-closing trial balance is a correct statement.
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