Answer Posted / ali imran

Mortgage loan could be in instalments or could be in lump sum amount.

It could be for limited time or could be for undefined time period. Depend upon the company's position in the eye of lender.

Normally mortgage lender is considered as secured creditor and it is limited to time period & paid as lump sum amount.

What is written off?

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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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