Debit side of trial balance include- opening stock, Purchase, Sales return, Depreciation, All expenses(discount Allowed/Interest paid, Bad debts, insurance premium....etc.), All assets including cash,bank,debtors..etc. i.e. All assets, expenses& losses, Drawing, Prepaid expenses.
Credit side of trial balance include- Sales, Purchase Return, All Income (Discount received/ interest Received...etc),All Liabilities including capital, creditors, Bank overdraft,loan's..etc. i.e. All liabilities, Incomes & Gains,Outstanding Expenses, Capital..etc.
Trading account at Debit side=Opening stock,purchases ,purchases returns,
Credit side=sales ,sales returns and closing stocks
Profit and loss at Debit side=Salaries,outstanding salaries,depriciation of Fixed assets ,bad debts etc
Credit side=discount recieved,rent recieved, commision recieved
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Other Accounting General Interview Questions
Hi all, can anybody help me with the mutual fund (AMC)accounting. I would like to know the accounting entries for subscriptions (premium/discount), redemptions (premium/discount), fund expenses, buying/selling securities by the fund and other fund management related accounting entries.