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What are the steps for Closing entries
There is a certain order that should be used to close accounts: REID
1. Balance of the total Revenue to Income Summary
2. Balance of the total Expenses to Income Summary
3. Balance of the Income Summary account to the Capital account. This would be the Net Income or Net Loss amount.
4. Balance of the owner's Drawing account is closed directly to Capital account. This isn't used in the determination of net loss or gain.
You can check the accuracy of closing entries by comparing the balance of Owner's Equity capital account, after posting, with ending balance of capital as reported on Statement of Owner's Equity-amounts MUST be the same.
Its depends on the credit period of the company i.e. A company credit period 30 days 85 of the debtors collection should be recovered with in credit period. We can say the Effectiv
A great tool to import and certify transaction data from other financial systems and make invoices debit memos credit memos and on-account credits Setup steps: 1. Describe th
stpes to be taken prepaing for final accounts
“Ledger is said to be the principal book entry and the transactions can even be directly entered into the ledger account.” Elaborate and explain why journal is necessary.
entry for bad debts provision
Q. Objectives of financial reporting? Financial reporting objectives are the broad overriding objectives sought by accountants engaging in financial reporting. According to the
User account control is meant to allow users to run with standard user rights, as opposed to administrative rights. Administrative rights provide users the ability to read and chan
XYZ plc provides engineering and consultancy services to the oil and gas industry. Over the past few years, they have incurred expenditure of £1m researching and developing a new
Replenishing the Petty Cash Fund Debit every expense account, supplies, or drawing as needed. Credit to Cash. Petty Cash is only debited when fund is established or increased.
what is meaning by parallel accounts
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