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What else can I help you with?
Where do you place loan interest in the trading account and is it an expense?
As an expense, loan interest should be placed in the debit side of the Profit & Loss A/c and not in the Trading a/c.
Is debit money in or out of an account?
Debit is money that is taken out of an account.
Can you explain what a debit card transfer to your bank account is?
A debit card transfer to your bank account is when you move money from your debit card to your bank account. This allows you to access the funds in your bank account using your debit card.
Why is closing stock written at credit side in trading account?
Closing stock or as it is also named as closing inventory is definitely an asset. But trading account is not the same as Inventory account. Inventory, being an asset, should have a debit balance in Inventory account. Trading account is a distinct account and both must not be mixed up together.The answer to the question "why closing stock is written on the credit side of the trading account" lies in understanding two points:First, Cost of sales must be matched up with current year's revenue and as the inventory at the end of the period has not been sold and thus should not be accounted against sales revenue, therefore it must be deducted from cost of sales. That is the conceptual reason why we deduct closing stock from the total of opening inventory and purchases.Second, in order to account for the inventory at the year end in the trading account, closing entry is passed and due to this closing entry closing stock appears at the credit side of trading account. This is the accounting reasonfor having it on the credit side. The closing entry is as follows:Debit: Inventory accountCredit: Trading accountInventory account is debited as inventory is still with the entity at the end of the period and is an asset so asset will be raised by debiting the inventory account.Students must understand that at the end of the period this asset is raised because usually it is not known how much stock is still with the entity until stock count and it was all treated as part of cost of sales i.e. trading expense against this period sales.But as it has not been traded that's why trading accounting in which cost of sales has been recorded it will be credited to give the correct information of the total inventory consumed in making current period's sales which is Opening Inventory + Purchases - Closing Inventory.
Is it possible to have a debit card without a bank account?
No, it is not possible to have a debit card without a bank account. Debit cards are linked to a bank account and are used to access funds deposited in that account.
How do you record a journal entry for opening a cash account?
debit cash accountcredit bank account
The debit account titles in the account title column are written?
The debit account titles should always be capitalized and are not indented. The debit always comes first when recording a transaction.
How do I create a journal entry for opening an account balance?
Debit bank accountCredit cash
What is the journal entry for deposit to bank account for beginning a business?
Journal entry for opening a bank account
What is difference between debit turnover and credit turnover?
1. Credit Turnover is the summation of all the credit transactions in your account during the statement period.2. Debit Turnover means the summation of all the debit transactions in your account during the statement period.3. (Opening balance of account) + (Credit Turnover) - (Debit Turnover) = Closing balance of account.
Where do you place loan interest in the trading account and is it an expense?
As an expense, loan interest should be placed in the debit side of the Profit & Loss A/c and not in the Trading a/c.
Do debit cards debit your account?
Yes, your account is debited when you use a debit card.
Is debit money in or out of an account?
Debit is money that is taken out of an account.
Does a debit iincreasse a cash account?
Cash account has a debit as a normal balance so debit increases the cash account and credit reduces the cash account which is reverse of debit balance.
Is a bank account balance shown as a debit?
No, a debit is a with-drawl from your account.
What is the left side of the account?
The left side of an account is known as debit. The left side of an account is known as debit. The left side of an account is known as debit.
Is HST Recoverable a debit or credit on a opening balance?
debit
