The purpose of a contra asset account is. Contra Account is an opposite entry passed to offset the balances of related original account in the ledger and helps the organization to retrieve the original amount and the amount of. Heres a list of the main types of contra accounts. As an asset account is normally […]
Month: December 2022
Bad Debt Reserve In Balance Sheet
How Does Bad Debt Reserve Work. The use of Allowance for Doubtful Accounts allows us to see in Accounts Receivable the total amount that the company has a. The company should estimate loss and make bad debt expense journal entry at the end of the accounting period. When a company decides to leave it out […]
Profit After Tax In Balance Sheet
The Income Statement or Profit and Loss Report is the easiest to understand. Donation Donation to political party is disallowed but you can take the deduction from the. You can leave third step and all adding drawing deducting fresh capital and deducting opening capital can done in same statement of profit or loss. Apple reports […]