Question

If loose tools given in trial balance 2000 and in adjustment 1500 what will be the entry in final account​

Answer 1

Explanation:

First entry will be

Profit/Loss A/C Dr. 500

To Loose Tool 500

Therefore, In balance sheet 500 will be deducted from 2000 in loose tool A/c. And deducted amt will be shown in P/L Account debit side.

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