ACCOUNT BALANCES For many purposes‚ it is necessary to determine the balance in an account. This is accomplished by adding the debits‚ credits‚ and determining the difference between the two sums. An account is said to have a debit balance if the sum of the debit entries to that account exceeds the sum of the credit entries. Conversely‚ an account has a credit balance if the sum of the credit entries exceeds the sum of the debit entries. Asset accounts normally have debit balances inasmuch as
Premium Bookkeeping Accounts receivable Balance sheet
Types of Receivables Accounts Receivable: amounts due from customers for sales on credit. Businesses sell to customers on credit in an attempt to increase their sales. Also called Trade Debtors. Bills Receivable: similar to accounts receivable but bills receivable are a legal instrument. Interest is charged on the bill receivable and it usually gives more time to pay than accounts receivable. interest receivable‚ rent receivable Accounts Receivable Recognition of accounts receivable Recorded
Premium Accounts receivable
operational on 1/4/2009.on 31/3/2010 it has total deposits of rs 1000 crores. Equity capital of rs. 100 crores divided in 10 crore shares of rs. 10 each. Given this basic data let us try working out basic parameters of banks business ‚ with certain assumptions‚ to keep things simple. Cost of funds----- Analysis of Deposit mix-4o% casa deposits. Of which 25%savings deposits. Int rate 3.50%p.a. 15%current deposits. No int. 60%time deposits of avg. maturity of 2 years. Int rate 8% p
Premium Deposit account Asset Investment
Uncollectible Accounts Lesley-Ann Herard ACC 281 John Istvan November 17‚ 2014 Uncollectible Accounts Charity care in a health care environment gives patients reduced or even free services to those who have low incomes. The idea of charity care was associated to the way hospitals helped low- income families. The write-offs and potential costs that are provided to the patients are determined before anything is done. It is up to the discretion of the hospital if any or all the cost is
Premium Accounts receivable Debt Hospital
Accounts Receivable: There are several controls in accounts receivable. A thorough audit should be daily comparing the checklist and the system records in customers’ accounts. This is to ensure the payment received is applied to the right customer. A second control is to check if customers’ balances in record are true. One simple way is to send current statements to customers monthly. Customers can help identify if there is any discrepancy between their record and the account statement. A
Premium Accounts receivable Invoice
through any SBI Branch Date: 15-07-2014 IITKGP e transaction Merchant Reference No: Date: 15-07-2014 CP07902405 Beneficiary: Pre Acknowledgement Payment(PAP) Form for Payment through any SBI Branch Branch Teller: Use SCR 008765 Deposit > Fee Collection > State Bank Collect Benificiary/Remittance Details State Bank MOPS Reference No. Branch Copy SEMREG-11MA20031-2014-103 Benificiary/Remittance Details Rs Collection Amount Comission Total ( Fifty Thousand And Nine
Premium Cheque Money Fractional-reserve banking
Job Description ----Account Payable---- General Purpose Perform accounting and clerical tasks related to the efficient maintenance and processing of accounts payable transactions. Main Job Tasks and Responsibilities ▪ review invoices and check requests ▪ sort and match invoices and check requests ▪ set invoices up for payment ▪ process check requests ▪ prepare and process accounts payable checks‚ wire transfers and ACH payments ▪ reconciliation of payments
Premium Accounts payable Invoice Accounts receivable
inventory on account for $200‚000. Assets + Expense = Liabilities + Incomes Asset named Inventory created and Liability Vendor payable gets created 200000 + 0 = 200000 + 0 c Sold inventory for $200‚000. $75‚000 of the sales were for cash and $125‚000 were on account. The inventory sold had cost Stewart $120‚000. Assets + Expense = Liabilities + Incomes Asset named Cash Balance with get added with 75000‚ Asset named Account receivable
Premium Generally Accepted Accounting Principles Balance sheet Accounts payable
from Alpha & Co.: Rs. 2‚000. c. Cash-in-hand: Rs. 500. d. Cash-in at bank: Rs. 1‚000. e. Amount due to B & Co.: Rs. 2‚000. f. Ms. Monika’s capital is Rs. 10‚500. g. Ms. Monika deposited Rs. 8‚000 in the bank as fixed deposit @ 7.50%p.a. 2) Ms. Monika purchased goods for Rs. 1‚000 (10 units) on credit from B & Co. 3) Ms. Monika purchased furniture (Fixed Asset) for Rs. 3‚000 on credit from R & Co 4) Ms. Monika sold goods to Alpha & Co. for Rs. 2‚000
Premium Deposit account Cheque General ledger
systems: debit/credit system‚ website‚ and accounts receivable system. The debit/credit system and the website are already automated while the accounts receivable system is currently manual. The debit/credit system records all the expenses of the company‚ may it be capitalization expense or daily operating expense. It also records the sales from the job orders. The website simply advertises the company’s sold units and shows the company site map. The accounts receivable system holds the schedule of
Premium Motorcycle Accounts receivable Expense