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.The difference in trial balance is due to:
- a)Wrong placing of sales account
- b)Wrong placing of salaries account
- c)Wrong placing of miscellaneous expenses account
- d)Wrong placing of all accounts
Correct answer is option 'B'. Can you explain this answer?
Most Upvoted Answer
.The difference in trial balance is due to:a)Wrong placing of sales a...
It's very simple .
When you , as a business give salaries to your staff and workers your net profits go down as salaries is an expense which will reduce your money.
Thus , applying the golden rule
"Debit all expenses and loses"
entry is :
Salary A/c Dr. 2,500
To Cash A/c. 2,500
This salary A/c will have a Debit balance instead of Credit balance in Trial balance.
Total leading to 15,000.
When you , as a business give salaries to your staff and workers your net profits go down as salaries is an expense which will reduce your money.
Thus , applying the golden rule
"Debit all expenses and loses"
entry is :
Salary A/c Dr. 2,500
To Cash A/c. 2,500
This salary A/c will have a Debit balance instead of Credit balance in Trial balance.
Total leading to 15,000.
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.The difference in trial balance is due to:a)Wrong placing of sales accountb)Wrong placing of salaries accountc)Wrong placing of miscellaneous expenses accountd)Wrong placing of all accountsCorrect answer is option 'B'. Can you explain this answer?
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