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Answer Posted / shaik nizamuddin
Double-entry bookkeeping is governed by the accounting
equation. At any point in time, the following (basic)
equation must be true:
assets = liabilities + equity
This can be further expanded and the (extended) equation
becomes:
assets = liabilities + equity + (revenue − expenses)
or
assets = liabilities + (capital − drawings) + (revenue −
expenses)
A = L + C − D + R − E
Finally, the equation may be rearranged algebraically as
follows:
A + E + D = L + R + C
| Is This Answer Correct ? | 2 Yes | 3 No |
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Short answer on Allowances
Lets suppose X sold goods to Y on credit basis and after the due date is over Y could not make the payment due to Y became insolvent, so In X books he will show the uncollectible as Bad debts expense but in Y account under which account Y will show this while journalizing this transaction in his books of accounts?
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