Answer Posted / maruthimuralidharan
Debit and credit both are accounting terminologies which is used to record the transactions of the business.
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Ours is a technology firm. We got a contract of 1 lac. It is payable at the end of the contract. How you will recognize revenue?
There is no item category assigned to account
The following are the list of Balances of SUNSHINE Company as at 1.2.2012 RM Land and building 450,000. Furniture and Fittings 35,000. Office Equipment 25,000. Motor Vehicles 75,000. Inventory 5,000. Trade Receivables 12,000. Trade Payables 8,000. Bank Loan 200,000. Bank 13,000. Cash in Hand 1,000. Capital 408,000.
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