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John Moffat.
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lchen
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Hi Sir,
Sorry to bother you again, but there is a question stated that the closing sales tax for this month is on debit side but then the answer reverse it to be the c/d. And the question only asked to calculate this month’s sales tax. May I ask why do we need to reverse that.Many thanks!
John Moffat
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As you will know from my free lectures on double-entry bookkeeping, for all t-accounts if the balancing figure is on the debit side then it is carried forward as a credit balance. If the balancing figure is on the credit side it is carried forward as a debit balance.
I do explain the reason for this in my free lectures.
John MoffatViewing 2 posts - 1 through 2 (of 2 total)
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