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When do you debit and when do you credit an account?
Another account will receive a "credit" entry, meaning the amount will be (You can refer to the company's chart of accounts to select the proper accounts}.
What are the final statements of the business?
final statements are trading account,profit and loss account,balance sheet.
How do you recognize account payable?
Account payable is an account that is a Liability (current). When a person or company owes another company money on account, that is an account payable.
What is the cash account in a company's ledger?
The cash account in the company's ledger is Bank.
What is account payable and receivable?
Account payable is a record of money your company owes to another company/person. Account receivable is a record of money owed to your company by another company/person.
Why final account is necessary for joint stock company?
Type your answer here... Yes, it is important to known position of the company...
What is the meaning of close the Profit and Loss Summary account?
profit is when the company is making money and a loss is the company is not making money.
What are the duties of the final accounts department in an organisation?
The finance department of a company is responsible for preparing final accounts. The prepare the Balance Sheets and the profit and loss account.
How do you close your line of credit?
Contact the credit company and tell them you want to close the account and tell them to send you a final bill.
When do you debit and when do you credit an account?
Another account will receive a "credit" entry, meaning the amount will be (You can refer to the company's chart of accounts to select the proper accounts}.
What is liquidators final account?
The liquidator's final account shows the succession's net assets or deficit.
What are the final statements of the business?
final statements are trading account,profit and loss account,balance sheet.
What is the explanation for the liquidator's final statement of accounts?
The liquidator's final statement of account is the account of winding up.
Meaning of b r s?
brs means banking reconciliation statement is comparing company bank account and banker account amount is equal . when some time company bank account amout and bank account amount not equal.they are three reasons ; a. cheque issued but not presented in bank b.cheque recived custmoer but not clear
How do you recognize account payable?
Account payable is an account that is a Liability (current). When a person or company owes another company money on account, that is an account payable.
What is the meaning of nominal account and real account and personal account?
The account related to the individual firm , company,and institution is called personal account. THE account related to the things or properties of business organisation whose valuation can be done in terms of cash is called real account. the account related to the income , expenses,profit and gain is called nominal account. .
What is the cash account in a company's ledger?
The cash account in the company's ledger is Bank.
