wages paid to billu should be debited to
1) billu's account
2) wages account
3) cash account
4) goods account
Answers
A trading account is every business' Primary account, which stores the records of all other subsidiary accounts.
Trading accounts are capable of holding not just but also other equities such as securities and other investment bonds.
Trading account assets refer to a separate account managed by banks that buy (underwriting) U.S. government securities and other securities for their own trading account or for resale at a profit to other banks and to the public, rather than for investment in the bank's own investment portfolio.
Trading assets are segregated from the investment portfolio.
They are recorded separately when acquired until they are disposed of or sold, and are then recorded at the price in effect when these securities are purchased or sold.
Trading assets held for other banks are marked to market (adjusted to current market value) while held by a bank.