Trial Balance is a part of the accounting process, which is a schedule of debit and credit balances taken from all the ledger accounts. As every transaction affects two sides, i.e. every debit has a corresponding credit and the reverse is also true. The totals of debit and credit balances are equal in the trial balance. The Balance Sheet is the statement that exhibits the company’s financial position, by summarizing the assets, liabilities, and capital on a particular date.