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Trial balance

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › Trial balance

  • This topic has 1 reply, 2 voices, and was last updated 5 years ago by John Moffat.
Viewing 2 posts - 1 through 2 (of 2 total)
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  • September 2, 2019 at 9:55 pm #544258
    pinkyjovin123
    Participant
    • Topics: 92
    • Replies: 134
    • ☆☆☆

    Help sir

    1) In the trial balance how does the rent received as a debit balance not to agree

    2) Disc received $150 were extracted to the debit column of the trial balance

    How does the debit exceeded the credits by $300

    Could you please explain this

    September 3, 2019 at 7:51 am #544372
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54659
    • ☆☆☆☆☆

    How can I properly answer you without seeing which question you are referring to???

    1. Rent received is income and should therefore be a credit balance, not a debit balance.

    2. Discount received should be a credit balance and not a debit balance. By putting it on the debit side instead of the credit side, it means that the credits are 150 lower than they should be and the debits are 150 higher than the should be. So the total of the debits will be 300 more than the total of the credits.

    Have you watched my free lectures on this? The lectures are a complete free course for Paper FA and cover everything needed to be able to pass the exam well.

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