Free hold premises debit or credit in trial balance?
Answers
Answer:
heY ✌️
Explanation:
Premises is an asset for business and like all other assets of business which has debit balance as normal default balance it also has debit balance.
Answer:
Stocks , cash on hand, debtors are considered as current assets. Free hold land & Building is considered as fixed assets
Explanation:
Premises will be debit in trial balance. Explanation: Premises refers to the building owned by the business / owner - it usually refers to the building from which the business being carried out.
Business assets are classified in two parts i.e fixed assets and current assets. To operate any business, there are certain fixed assets which need to be installed like furniture, office building and plant & machinery etc. Stocks , cash on hand, debtors are considered as current assets. Free hold land & Building is considered as fixed assets.
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