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Double entries for settlement of hire purchase loan?
In a hire purchase agreement, the settlement of the loan involves two key entries in the accounting records. First, when a payment is made, a debit entry is recorded to the hire purchase liability account to reduce the outstanding loan balance. Simultaneously, a credit entry is made to cash or bank to reflect the outflow of funds. Additionally, if there are interest charges, these would also be recorded as an expense, creating another debit entry to the interest expense account.
Define and distinguish between entries on the books and entries on the workpapers and explain why such an entries on the books and on the workpapers are required in the consolidation process?
what is distinguish between bookkeeping and accounting? what is distinguish between bookkeeping and accounting? what is distinguish between bookkeeping and accounting?
How do you correct errors in accounting?
To rectify the errors in accounting adjusting entries are made to adjust the amount in any transaction or reversing the original entries etc.
Why are adjusting entries needed at the end of accounting period?
Adjusting Entries are journal entries that are made at the end of the accounting period, to adjust expenses and revenues to the accounting period where they actually occurred. Generally speaking, they are adjustments based on reality, not on a source document. This is in sharp contrast to entries during the accounting period (such as utility bills or fees for services rendered) that depend on source documents.
Why are closing entries required at the end of an accounting period?
The closing entries in an accounting period are important because they will be used as opening entries in the next period. They help people to calculate the balances and accruals of a predetermined period.
What transactions might require reverse entries?
What transactions in accounting might not require reversing entries
What transactions might not require reversing entries?
What transactions in accounting might not require reversing entries
What is adjustment entries?
Adjusting entries are journal entries which are normally made to allocate income or expenditure to the accounting period in which they actually occured.
Why are adjusting entries needed at the end of an accounting period?
Adjusting Entries are journal entries that are made at the end of the accounting period, to adjust expenses and revenues to the accounting period where they actually occurred. Generally speaking, they are adjustments based on reality, not on a source document. This is in sharp contrast to entries during the accounting period (such as utility bills or fees for services rendered) that depend on source documents.
What are journal entries that bring the accounts up to date at the end of the accounting period called?
closing entries
What are the journal entries that bring the account up to date at the end of the accounting period called?
closing entries
What are the journal entries that bring the accounts up to date at the end of the accounting period called?
closing entries
