Question

insurance , prepaid insurance, purchase ledger balance ,goodwill, sales ledger balance ....in trial balance​

Answer 1

Answer:

Explanation:

• Insurance debit in Trial balance
• Prepaid insurance is the part of insurance which is already paid but the time period for use is not expired till the date of balance sheet.
• purchase ledger will be an overall credit (liability) balance, so in Trial Balance its showing credit balance.
• Goodwill is a fixed asset So, Goodwill not show in trial balance. It's so in balance sheet asset side
• credit customers in the Sales Ledger should show debit balances.