Business studies help!!

shortys94

Hey
I am in third year and was wondering if this would be the correct forum to ask about certain things regarding business studies??
I am having some porbelms with my studies:(

OLDYELLAR

Whats the problem ?

shortys94

profit and loss appropriation accounts, then balance sheet
i have no idea where all terms go!!!
and when i get a trial balance with all the info for the account i have to write up i am not sure about DR and CR headings on the trial balance, i mean i though dr-debit was money coming in but then there are moneys going out in that column, also cr-credit money going out, and same again

as for the terms, lets say commision receivable and commision receivable due where does eaach go and why, also rent and rent receivale, also reserves, debtors and creditors
AHHHHHHH all these transactions to go somewhere but where?? in the profit and loss appropration account or balance sheet!!!!??

OLDYELLAR

Well the way I do them what ya have on your T accounts goes in on the opposite side of your trial balance say a debit on your T account becomes a credit on your TB.

dEBTORS and Creditors go to the Balance sheet.I think , I`ll have a look tomorrow for ya I just do it automaticaaly at work id need it in front of me to explain it tbh.

shortys94

thanks, look forward to the help:)
i am reeally annoyed that i am having trouble with it

OLDYELLAR

yea looks like rent and commission should go on your p&l .debtors an creditord on the BS.

shortys94

yea, but where would rent due go? current liabilities? as just renbt would go in p and l, also commision receivable goes in p and l but does commision rec due go in current liablities?

OLDYELLAR

would rent due not be a closing creditor?

OLDYELLAR

yea sure I suppose ya owe the rent so its a liability .

shortys94

hmmmm, it still wont work out, and im like around 30000 off on balance sheet:(

OLDYELLAR

move the rent into the p&l and the rent receivable as part of the debtors because its rent receivable so its an asset?
Ya should bask yer teacher to go through this with ya too man, thats what they get paid to do an id say im confusing ya more than helping ya.

[Jackass]

Is it quite scary that I have a business degree and can't answer some of these questions?

Hmmm......... I think so..........

llcoolj14

Rent due is an expense, and should be expensed in the period it was accrued....
This isnt a business studies qs really-more accounting!There is a lot more ot a business degree than a/c!
Its all pretty simple stuff, if you have a particualr qs, send it to me,or if a few,number them...
If you got any accounting book from your library ,it should help you loads...