Q: I am having trouble with an extended trial balance…
28 August 2012
…I can’t work out whether the following are debits or credits and whether they go onto the Profit & Loss or the Balance Sheet: Profit & Loss Account 1/1/1997; Share Capital; Land.
…I can’t work out whether the following are debits or credits and whether they go onto the Profit & Loss or the Balance Sheet: Profit & Loss Account 1/1/1997; Share Capital; Land.
Share Capital is a credit balance and goes into the Balance Sheet. It represents the owner’s equity in the business and is owed by the business to the owners.
Land is a...