I have purchased a virtual rack on the Planet. 2 of the servers will be load balanced. That is load balancer has been setup and configured.
Assume I will have 2 accounts.
Will you please tell me in simple terms what I shall do using cPanel to have them load balanced?

I could be completely wrong here, as I've never used a load balanced solution from TP before, but if you are on one of their load balancers, you don't set anything up on your servers I think.

cPanel is not really setup to load balance, you have to do it all manually.

Does the site run MySQL?

user uploaded files?

some sort of CMS that allows uploading?

Inbound email?

There are a few other things but that is just off the top of my head.

If it is a plain static site just set it up on both and point the load balancer to those 2 ips.