Cash in hand Cash at bank Capital Drawings Motor vehicles Trade receivables 400 Trade payables 6,800 Sales 18,000 Purchases 300 Returns Outwards 8,500 Wages 2,100 Rent & rates 5,425 12,400 9.400 275 5,000 3,600

Q: Explain receivables conversion period

A: It is the time interval connecting the sale of the last item using a credit card and cash receipts…

Q: Discuss the THREE uses of Trial Balance  and by providing example for each use of Trial Balance?

A: A trial balance is a schedule in which total of debit column is always equals to credit. If there is…

Q: What is the purpose of the trial balance?

A: A trial balance is a bookkeeping worksheet in which the balance of all ledgers are compiled into…

Q: Use practical example to discuss how double entry principle is applied in extracting a trial balance

A: Trial balance refers to the worksheet which helps in detecting the mathematical errors that have…

Q: THREE uses of Trial Balance

A: Trial balance: Trial balance is a summary of all the ledger accounts balances presented in a tabular…

Q: on the problem.

A: Particulars  Debit  Credit  Accounts Recievable         4,000 Service Revenue        4,000 Unearned…

Q: What does MYOB use the Historical Balancing account for?

A: MYOB: It is often defined as an international accounting software that is used by the businesses for…

Q: What are the valuing inventories?

A: Cost:   It is the economic value incurred by an organization to manufacture a product or to render a…

Q: What is the trial balance of balances

A: Business organizations generally prepare a statement that contains the balances of all the ledgers…

Q: trial balance

A: The trial balance shows the account list of the general ledger that states the ledger of the…

Q: Explain secondary apportionment with relevant examsples

A: Secondary Apportionment: In refers to the process in which the service department overhead is…

Q: s the income and expense account credited in the entry to record the distribution profits?

A: Solution: When profit is distributed to owner, income and expense account is debited as profit is…

Q: Explain the effect of compensating balance with example.

A: Compensating Balance Compensating Balance is refer as the minimum amount of the money which are…

Q: DO DEBITS AND CREDITS HAVE TO EQUAL ON A TRIAL BALANCE??

A: Trial balance: Trial balance is a summary of all the asset, liability, and equity accounts and their…

Q: Differentiate between a purchase requisition and a purchase order.

A: Difference between purchase requisition and purchase order The difference between the purchase…

Q: Define the term daily-balance approach?

A: The consideration of interest for a particular amount invested for a particular period is the…

Q: write a note on/define general journal, Ledger and trial balance. with explanation?

A: General journal, Ledger and trial balance all are the part of accounting system. Accounting is a…

Q: What is a schedule for accounts receiveable?

A: AR stands for Accounts Receivable which is defined as the balance of amount due to the company for…

Q: Documentary evidence of transaction is called as O a. voucher O b. chart of accounts O c. invoice O…

A: Invoices is commercial document issued by a seller to the buyer in connection with a sale…

Q: Is it necessary that a trial balance be prepared periodically? What purpose does it serve?

A: Trial balance: A trial balance is the list of all the ledger accounts. The trial balance is prepared…

Q: 600,000 40,000 25.000

A: Cash flows statement is one of the financial statement that is prepared in business in order to…

Q: Explain an example of trial balance.

A: Trial balance: Trial balance is a summary of all the ledger accounts balances presented in a tabular…

Q: What are the methods of preparing trial balance?

A: Trial balance is the workbook that maintains all balances of ledgers in a particular period.  It is…

Q: What is a trial balance? To what does the term “balance” refer?

A:

Q: State the meaning of a trial balance?

A: Accounting Cycle: The accounting cycle refers to the entire process of recording the accounting…

Q: Is it necessary that a trial balance be taken periodically?What purpose does it serve?

A: Trial balance: A trial balance is the list of all the ledger accounts. The trial balance is prepared…

Q: Explain how to record note payable transaction.

A:

Q: Prepared a trial balance

A: Adjusted Trial Balance is prepared after adjusting the adjustment entries to the respective account…

Q: Define Debit

A: Accounting depends on double entry system. As per dual aspect principle of accounting, each and…

Q: State the meaning of Receipt and Payment Account.

A: Receipt and Payment Account: Receipt and payment Account is a summary of Cash book. Only…

Q: what is a trial balance?

A: Trial balance is the summary of accounts, where their total debit and credit balances must be equal…

Q: what are opening balances

A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…

Q: Distinguish between substantive tests of transactions and tests ofdetails of balances. Give one…

A: Distinguish between substantive tests of transactions and tests of details of balances.