Answer Posted / gokul
Balance sheet is a statement which depict the financial
position of the concern as on particular date.It is
considered with ASSETS, LABITIES,CAPITAL.It shows the
position of concern,thus it is also called as "POSITION
STATEMENT"
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Classify bank account, stock of stationary account, returns inward account ou$tstanding rent account and capital account into real, personal and nominal account.
The following Trial Balance was extracted from the books of Chetan.Do you think that it is correct? If not,rewrite it in the correct form. Debits Rs Credits Rs ------------------------------------------------------------ Stock |8250 | Capital |10000 Purchases |12750 | Sales |15900 Returns outward |700 |Returns inwards |1590 Discount received|800 |Discount allowed |800 Wages & salaries |2500 |Scooty |1750 Rent and rates |1850 |Carriage charges |700 Sundry debtors |7600 |Sundry Creditors |7250 Bank Overdraft |2450 |Bills payable |690
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Expand-------NABT
outstanding expenses are the expenses that "unpaid"at the end of the accounting period e.g.salaries rent so they all come to under nominal accounts which is debt all expenses and losses and credit all gains since they are unpaid hence they must be credited
