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What information is needed in order to prepare a cash budget?
A cash budget begins with the starting cash balance to which cash inflows are added to get cash available.
Which budget is NOT necessary to prepare the budgeted balance sheet?
budget statement of cash flow
Why are cheques deposited in bank but not cleared added to cash book credit balance?
bcoz it has been deducted earlier from the cash book credit balance (if any), at the date it was deposited
What is accounting treatment of drawings?
Drawing are goods or cash taken from business by the Owner for this personal use. Drawing of goods will be deducted from the amount of purchases in Income statement and also from the Owner's equity in Balance sheet. Drawing of cash will be just deducted from Owner's equity in balance sheet. Opening Capital Add Profit Add Additional Capital Less Drawings (Cash + Goods) -------------------------------------- = Closing Capital
How to make Journal entry for expenses of employees paid from petty cash and deducted in payroll?
Debit employee expensesCredit cashDebit payrollCredit cash (balance amount)credit employee expense
What information is needed in order to prepare a cash budget?
A cash budget begins with the starting cash balance to which cash inflows are added to get cash available.
Which budget is NOT necessary to prepare the budgeted balance sheet?
budget statement of cash flow
Why are cheques deposited in bank but not cleared added to cash book credit balance?
bcoz it has been deducted earlier from the cash book credit balance (if any), at the date it was deposited
Convertible to cash or reguires an outlay of cash within 12 months of the date on the balance sheet?
cash budget
The cash budget must be prepared before you can complete the?
budgeted balance sheet
What does it mean to surrender a life insurance policy?
It means you want to cancel the policy. If there is cash value in the policy, surrender charges will be deducted from the cash value and you will get the remaining balance.
What is accounting treatment of drawings?
Drawing are goods or cash taken from business by the Owner for this personal use. Drawing of goods will be deducted from the amount of purchases in Income statement and also from the Owner's equity in Balance sheet. Drawing of cash will be just deducted from Owner's equity in balance sheet. Opening Capital Add Profit Add Additional Capital Less Drawings (Cash + Goods) -------------------------------------- = Closing Capital
How to make Journal entry for expenses of employees paid from petty cash and deducted in payroll?
Debit employee expensesCredit cashDebit payrollCredit cash (balance amount)credit employee expense
Does the pro forma income statement and balance sheet need to be created before the cash budget is completed?
Yes
Where do accounts receivable go on the balance sheet?
Paid accounts receivable appears on a balance sheet, to the extent that the amounts paid are deducted from the accounts receivables balance and added to the bank account. Therefore, the effect on the balance sheet would be as follows: decrease in asset- accounts receivables increase in asset- Cash
Outstanding Accounts receivable have a negative effect on net cash on the balance sheet?
Outstanding accounts receivable have a negative effect on the balance sheet because they money has not been received and the budget is not balanced. There is more outgoing cash than there is incoming cash until the accounts are settled.
Cash opening balance in trial balance?
Opening balance of cash in trail balance
