Hi I'm a student preparing for my accounts exams

My question
What are the balances use to make up the Trial Balance and how do you prepare it?

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Originally Posted by Tesla

Hi I'm a student preparing for my accounts exams

my question
what are the balances use to make up the Trial Balance and how do you prepare it?

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Hi... it's simple.. u have to put da rite items on debit and credit side.. expenses... discount allowed.. fixed assets are usually found on dr side.. whereas provision 4 bad debts depreciation are on da credit side.. discount received... all items receivable on da cr side..

Quote:

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Originally Posted by Tesla

Hi I'm a student preparing for my accounts exams

my question
what are the balances use to make up the Trial Balance and how do you prepare it?

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When you balance off all the account in your books you would have a b/d or b/f figure. All you have to do is list all the account with these figures and which ever side it was brought down on is the side it has to go on in the trial balance.

What are the principle of double entry?

All accounts that are in the Chart of Accounts are used in the Trial Balance. The Trial balance is used to verify that your Debits and Credits are qual.

In accounts what does principal means e.g. March 21 Paid loan by cheque $2400;$2000 towards PRINCIPAL

What's the answer?