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control account reconciliations

This topic has 1 reply, 2 voices, and was last updated 10 years ago by John Moffat.

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June 27, 2015 at 1:02 pm #258927
dansindo
Member
- Topics: 24
- Replies: 38
sir could pls explain the answer of this question
A credit balance of $917 brought forward on Y’s account in the books of X means that:
ans: X owes Y $917
June 27, 2015 at 2:47 pm #258931
John Moffat
Keymaster
- Topics: 57
- Replies: 54711
A liability is always a credit balance. So if there is a X has a credit balance on an account they have then it means they owe money (in this case to Y).
You should watch all of the free lectures.
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