Advance given to MR.ABC will be shown on which side of the trial balance?
Answers
Answer:
Trial Balance is a list of closing balances of ledger accounts on a certain date and is the first step towards the preparation of financial statements. It is usually prepared at the end of an accounting period to assist in the drafting of financial statements. Ledger balances are segregated into debit balances and credit balances. Asset and expense accounts appear on the debit side of the trial balance whereas liabilities, capital and income accounts appear on the credit side. If all accounting entries are recorded correctly and all the ledger balances are accurately extracted, the total of all debit balances appearing in the trial balance must equal to the sum of all credit balances.
Explanation:
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Answer:
A trial balance is a listing of the ledger accounts and their debit or credit balances to determine that debits equal credits in the recording process. ... On the trial balance the accounts should appear in this order: assets, liabilities, equity, dividends, revenues, and expenses.
Explanation:
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