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Does discount received have a debit or credit balance in the ledger balance?
Wiki User
∙ 12y ago
discount revived has Cr balance in a profit and loss a/c
Wiki User
∙ 12y ago
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Does discount allowed have a debit or credit balance in the ledger balance?
Discount allowed is debit
To increase the balance in an accounts payable ledger?
To increase the balance in an accounts payable ledger you credit the account.
What is double entry treatment of DISCOUNT Allowed and Received?
Discount allowed: original entry made in the discount allowed column on the debit side of the cash book and at the end of the month debited(after balancing the cash book) in the nominal ledger. The credit entry is made in the personal account of buyer. Discount received: original entry made in the discount received column on the credit side of the cash book and at the end of the month credited(after balancing the cash book) in the nominal ledger. The debit entry is made in the personal account of seller.
What is trial balace?
A trial balance is a list of all the nominal ledger (general ledger) accounts contained in the ledger of a business. This list will contain the name of the nominal ledger account and the value of that nominal ledger account. The value of the nominal ledger will hold either a debit balance value or a credit value balance. The debit balance values will be listed in the debit column of the trial balance and the credit value balance will be listed in the credit column. The profit and loss statement and balance sheet and other financial reports can then be produced using the ledger accounts listed on the trial balance...cj pulgar
Does the balance sheet proves that the debits and credit equal in the general ledger?
yes
Does discount allowed have a debit or credit balance in the ledger balance?
Discount allowed is debit
How do one treat 'discount received' in the sales ledger?
To input "discounts received" in the sales ledger, it must be put on the credit side. Also on the credit side would be an item?æsuch as payments made from customers.
To increase the balance in an accounts payable ledger?
To increase the balance in an accounts payable ledger you credit the account.
What is double entry treatment of DISCOUNT Allowed and Received?
Discount allowed: original entry made in the discount allowed column on the debit side of the cash book and at the end of the month debited(after balancing the cash book) in the nominal ledger. The credit entry is made in the personal account of buyer. Discount received: original entry made in the discount received column on the credit side of the cash book and at the end of the month credited(after balancing the cash book) in the nominal ledger. The debit entry is made in the personal account of seller.
What is trial balace?
A trial balance is a list of all the nominal ledger (general ledger) accounts contained in the ledger of a business. This list will contain the name of the nominal ledger account and the value of that nominal ledger account. The value of the nominal ledger will hold either a debit balance value or a credit value balance. The debit balance values will be listed in the debit column of the trial balance and the credit value balance will be listed in the credit column. The profit and loss statement and balance sheet and other financial reports can then be produced using the ledger accounts listed on the trial balance...cj pulgar
How entries are posted from general ledger to trial balance?
Extract of head of account wise debit balance or credit balance from the general ledger has to be posted in the trial balance.
How is subsidiary ledger different to the general ledger?
A subsidiary ledger is a group of similar accounts whose combined balances equal the balance in a specific general ledger account. The general ledger account that summarizes a subsidiary ledger's account balances is called a control account or master account. For example, an accounts receivable subsidiary ledger (customers' subsidiary ledger) includes a separate account for each customer who makes credit purchases. The combined balance of every account in this subsidiary ledger equals the balance of accounts receivable in the general ledger. Posting a debit or credit to a subsidiary ledger account and also to a general ledger control account does not violate the rule that total debit and credit entries must balance because subsidiary ledger accounts are not part of the general ledger; they are supplemental accounts that provide the detail to support the balance in a control account.
Does the balance sheet proves that the debits and credit equal in the general ledger?
yes
What is the normal balance of an account in the accounts payable subsidiary ledger?
Accounts receivables has debit balance as normal balance of account and shown in current assets in balance sheet.
When a credit is posted to the accounts payable ledger what happens?
Accounts payable balance will increase
When the trial balance indicates that the ledger is in balance you can assume there are no errors in the ledger is this true?
When the trial balance indicates that the ledger is in balance, you can assume there are no errors in the ledger. true or false
What does a credit balance in the purchase ledger control account represent?
Indicates monies owed to suppliers.
