Question

Where does loan advanced come in a trial balance ,in debit or credit side

Answer 1

Answer:

loan advanced debited in trial balance....

hope it's helps you!!

Answer 2

We are asked where loan advances come in a trial balance. The correct answer will be loan advanced comes on the debit side.

• The debit and credit of accounts are usually done by following the golden rules of accounts.
• A trial balance is a worksheet under bookkeeping in which the balances of the different ledger accounts are maintained according to debit and credit.
• The necessity of the trial balance is that both the debit side and credit side should tally.
• If the trial balance does not match then it is evident that a mistake has been done while writing out the accounts.
• Loan advanced means the company is providing a loan to another person.
• In other words, the money of the company is going out to another person.
• According to the golden rule of accounts we have to debit the trial balance.
• Therefore, the correct answer will be loan advanced comes on the debit side of the trial balance.

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