Ask Experts Questions for FREE Help !
Ask
    sexyjamaican's Avatar
    sexyjamaican Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Jan 20, 2010, 06:40 PM
    Need help with accounts
    Given a accounting question with trading and profit and loss for say may 2006 and balance sheet for the same month and year. ALso given a question to open ledger for the current month say June do u use the balance frm the previous month as balance brought down in the ledger
    morgaine300's Avatar
    morgaine300 Posts: 6,561, Reputation: 276
    Uber Member
    		  
    #2

    Jan 21, 2010, 09:48 PM
    given a accounting question with trading and profit and loss for say may 2006 and balance sheet for the same month and year.
    This isn't a question, and the sentence doesn't make any sense.

    ALso given a question to open ledger for the current month say June do u use the balance frm the previous month as balance brought down in the ledger
    "Opening a ledger" can mean two things from the standpoint of a problem. It essentially just means to set up the ledger for the accounts you will be using, so it's simple. e.g. you just take a ledger and write Cash and its account number, then the next account, etc. If there also happen to be balances from a prior month, then those would be carried forward as well and a "bal fwd" or some such notation. If there is not balance to carry forward, they still want you to set up the account (meaning make it exist) but no balance to insert.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Accounts receivable and allowance for doubtful accounts [ 1 Answers ]

At the close of its first year of operations, December 31, 2010, Ming Company had accounts receivable of $540,000, after deducting the related allowance for doubtful accounts. During 2010, the company had charges to bad debt expense of $90,000 and wrote off, as uncollectible, accounts receivable of...

Accounts for Par Value of Stock and Accounts for Paid in Capital [ 1 Answers ]

Why do we have one account for the Par Value of Stock that has been issued and another account for Paid in Capital? Any help I can get with this question will be greatly appreciated!:)

Accounts Receivable and Allowance for Doubtful Accounts [ 2 Answers ]

IF a company sold$ 60000 of merchandise on credit.and Wrote off $10000 of uncollectible accounts receivable.Received $20000 cash in payment of accounts receivable. In adjusting the accounts , the company estimated that 0.5% of accounts receivable will be uncollectible. How can I account the ...

What is the difference between accounts payable and accounts receivable? [ 1 Answers ]

What is the difference between accounts payable and accounts receivable?

View more questions Search