credit mortgage payable in the liability side of the balance sheet
Long term = non current Payable = liability Therefore, I would put it under the Non-Current Liabilities heading in the balance sheet.
Yes, it can be, if rent for the following month is not paid prior to the month end. if not, you put it under prepaid rent because you already paid for it.
in p&L a/c
trading account expenses
credit mortgage payable in the liability side of the balance sheet
Long term = non current Payable = liability Therefore, I would put it under the Non-Current Liabilities heading in the balance sheet.
Yes, it can be, if rent for the following month is not paid prior to the month end. if not, you put it under prepaid rent because you already paid for it.
In the liability section of the balance sheet. Generally showing short terms portions separately from long term portions.
in p&L a/c
Rent escalated on 1 June 2005 by 10% and the payment for Decmeber 2005 was only done in January 2006. The rent per month is 704. Need to put this in a balances sheet?
Payroll expenses account goes to Profit & Loss account while Payroll payable is a Balance Sheet Liability item... Journal entry:Payroll Expense Account - DR ...........(P&L)Payroll Payable Account - CR ............(B/S)
in the trading and profit and loss account where do i put commission payable
Accrued expenses are paid after being put on the company's financial books. Every entry that is adjusted for accrued expenses is listed as a debit on an expense account, increased expenses on an income statement, net income reduction, credit on a payable account, and increased liability on the company's balance sheet.
It very well could be. But just remember this: Never combine your personal accounts with business accounts in any way shape or form! Not only is it illegal, but it will put you in financial distress for sure!
You can put them on a cookie sheet.
If you want to put your guest home up for rent you can put an advertistment on www.craigslist.com or your local yellow pages and start interviewing people