BUSINESS ADMINISTRATION
FINANCIAL ACCOUNTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Which of the following items appear on the same side of the trial balance?
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Capital and Sales
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Purchases and Discounts received
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Motor expenses and Loan account
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Accrued income and Accumulated depreciation
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Explanation:
Detailed explanation-1: -Keeping in view the above discussion, the correct option is b. Carriage outwards and drawings.
Detailed explanation-2: -The debit side of it will feature entries from accounts like assets, drawings accounts, expense accounts, cash balance, bank balance, losses, purchases, and sundry debtors, among others.
Detailed explanation-3: -Rules in drawing the Trial Balance: All liabilities must be reflected on the credit side and assets reflected on the debit side. Gains and income must be reflected on the credit side of a trial balance. Expenses must be reflected on the debit side of the trial balance.
Detailed explanation-4: -Sales are a form of income so go on the credit side of the trial balance.
There is 1 question to complete.