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Why does balance sheet balance?
balance sheet get balance due to the accounting principle Dual aspect. In it each and every transaction has debit and credit having equal amount. Debit the gains is equal to the Credit the losses. one of the gain is acquired then, there must be any losses. due to this principle it's getting balance.
How do you audit realised or unrealised foreign exchange?
Foreign exchange gain or loss is audited as unrealized income on the balance sheet when it occurs. This gain or loss then becomes realized income once it is paid or settled.
Where do you post unrealized gains and losses on the balance sheet?
Q: Where do you post unrealized gains and losses on the balance sheet? A: Under the "Other Assets" section of the balance sheet. You can call the line item something like "Unrealized Gain (Loss) on Stock Portfolio. By recording the unrealized gain or loss, you are essentially bringing the stock portfolio (or other investment) from cost basis, to market value; which is also known as "Mark to Market." Be careful in distinguishing whether your stock portfolio is "available for sale" or "trading securities", the treatment on the income statement is different. Go to Wikipedia for the definition of each of the above terms.
When equipment is sold for cash the amount received is reflected as a cash?
That really depends on several things. What accounting method are you using? Has the equipment been depreciated down to salavage value? Has the equipment actually been paid for yet? Yes, initially, you would debit your cash account for the amount received for the equipment, but you wouldn't stop there. A lot of other accounts would be affected as well. If this equipment has already been depreciated down to salvage value, and you receive more than salvage value in cash for it, then you have a capital gain. If you sold it for less than salvage value, you have a loss. What is the current value on the books for this equipment? If you sold it for more of less than that value, you have a gain or a loss. Do you even have this equipment listed as assets?
What is the journal entry to write off a fully depreciated asset that was sold?
dr a/d---xxx dr loss --xxx dr cash--xxx cr---equipment xxx (If at a loss; if sold at a gain then credit gain on disposal)
Where does equipment go on the income statement?
It won't. Equipment will be recorded in the Statement of Financial Position (Balance Sheet) as an asset. with regards to the income statement the only entries relating to equipment would be deprecation expense, impairment expense and perhaps revaluation gain (although that would probably go into the Statement of Other Comprehensive Income- depending on policies)
Why does balance sheet balance?
balance sheet get balance due to the accounting principle Dual aspect. In it each and every transaction has debit and credit having equal amount. Debit the gains is equal to the Credit the losses. one of the gain is acquired then, there must be any losses. due to this principle it's getting balance.
How do you audit realised or unrealised foreign exchange?
Foreign exchange gain or loss is audited as unrealized income on the balance sheet when it occurs. This gain or loss then becomes realized income once it is paid or settled.
Where do you post unrealized gains and losses on the balance sheet?
Q: Where do you post unrealized gains and losses on the balance sheet? A: Under the "Other Assets" section of the balance sheet. You can call the line item something like "Unrealized Gain (Loss) on Stock Portfolio. By recording the unrealized gain or loss, you are essentially bringing the stock portfolio (or other investment) from cost basis, to market value; which is also known as "Mark to Market." Be careful in distinguishing whether your stock portfolio is "available for sale" or "trading securities", the treatment on the income statement is different. Go to Wikipedia for the definition of each of the above terms.
What is the Journal entry for gain on sale of equipment?
debit accumulated depreciationdebit cashcredit assetcredit gain on sale of assetDebit to Cash (or Accounts Receivable) for the sale Price. Debit to Accumulated Depreciation for the total amount of depreciation charged against that piece of equipment since its original purchase date. Credit to Equipment account for the original purchase price. Credit to Gain on Sale of Fixed Asset (or Other Income) for the difference needed to balance the entry.
What is mark sheet?
Mark sheet is the total collection of the mark which you have gain in the exam or any competition .
What does the quote the way to gain a good reputation is to endeavor to be what you desire to appear mean?
The way to gain a good reputation is to endeavor to be what you desire to appear
How a real fairy appear in front of you?
you gain there trust
When your caloric balance status is in caloric excess you will?
Gain weight.
Use of Automatic gain control?
Will this AGC controls the gain of an equipment gradually when input amplitude signal increases
How can you gain weight if im anemic?
Anemia does not inhibit weight gain. You may consider an iron supplement to help balance your system.
How does horseback riding help your muscles?
It helps you balance and gain leg strength.
