Tell me why some asset accounts have a credit balance?
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Answer Posted / Vaibhav Mittal
Some asset accounts may have a credit balance because they represent an increase in assets that has been received but not yet paid for. Examples include accounts receivable and prepaid expenses.
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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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