Where will you disclose the following items given in a trial balance d

Where will you disclose the following items given in a trial balance during the preparation of a final account of a partnership firm :(1) Bad debts returned(2) Depreciation : factory’s building(3) Wages and salary(4) Providend fund investments(5) Bills payable(6) Goods withdrawn as drawings(7) Goods return credit(8) Goods return debit(9) Loan given to firm by a partner(10) Interest on investments of providend fund.

Answer»

Name of Account	Recorded in account or statement
(1) Bad debts return	– Credit side of Profit and Loss Account.
(2) Depreciation : Factory’s building	– Debit side of Trading Account
(3) Wages and salary	– Debit side of Trading Account
(4) Providend fund investments	– Asset side of Balance Sheet
(5) Bills payable	– Capital liability side of Balance sheet
(6) Goods withdrawn as drawings	– Will be deducted from purchase of Trading Accountdebit side
(7) Goods return	– Will be deducted from sales, on the credit side of Trading Account.
(8) Goods return	– Will be deducted from purchase, on the debit side of Trading Account.
(9) Loan given to firm by a partner.	– Capital- Liability side of Balance sheet
(10) Interest on investments of Providend fund	– Capital-Liability side of Balance sheet, will be added to Providend fund account