Under which one? There's current and non-currentjpr333 said:Under the asset.
Under which one? There's current and non-currentjpr333 said:Under the asset.
Thanks.jpr333 said:Yes Lainee
Since Store Fittings and Computers are Non-current Assets, and the Acc Dep are contra asset accounts, they should go under Non-current and should be deducted from your Assets.04er said:Under which one? There's current and non-current
Yes. See instruction 9Lainee said:Another question: Should the totals in the Schedule of Accounts Receivable/Payable equal that in their respective Control accounts?
Can you expand on this? What exactly are we meant to do with inventory. I assume it (a) balances out with purchases and sales (and make an adjustment for differences?) or (b) just do an adjustment straight out for inventory???sarevok said:I would also like to know what we do with inventory ledger. I guess some how we have to reduce it down to the amount of ending inventory?
Apart from that I'm done
Edit: Nevermind, worked out how to do it. Just transfer the adjustments you did to inventory in the GJ during the closing process to the inventory account and the inventory ledger will come out to the balance of closing inventory.
My adj entries were 73115 and adjusted balance was 1349667.aditya said:yes...
i got 1333 544... for adj trial balance.. :S
i feel this is incorrect.. i just did it quickly as possible...
someone clarify a figure.. im thinking 1 333 564...?
What the heck... my Adjusted Trial balance is the same as above but Adjusting entries: 72812Komit said:Adjusting entries: 73112
Adjusted Trial Balance: 1349564
I second this! Please explain sarevok, or anyone?jpr333 said:Can you expand on this? What exactly are we meant to do with inventory. I assume it (a) balances out with purchases and sales (and make an adjustment for differences?) or (b) just do an adjustment straight out for inventory???
Yep. I had 5 closing entries in total: one to close revenue accounts, one to close expense accounts, one to calculate COGS, one to close P&L summary and one to move dividends to retained profits.absolution* said:can someone explain the closing entries. do you need to list each expense account, each revenue account, inventory (closing and opening) etc. when balancing with p/l summary in the general journal?
I think - double check to make sure you posted the Sales/Purchases Returns and Allowances from GJ into the subsidiary ledgers?also did anyone elses subsidiary ledger balances not equal the control balances??