Which of the following pairs is NOT correctly matched in the context of account balances shown in the Trial Balance?
Bills receivable account – Credit side
The correct answer is option 1. Bills receivable is typically shown on the debit side of the Trial Balance as it represents amounts due from customers, and not on the credit side. All other pairs are correctly matched as per the accounting convention.
Important Questions from Balance sheet statement
___________ is a record of assets and liabilities of any firm.
A businessman can find out what his business owns and what it owes from _______.
Which of the following options is an INCORRECT pair considering a firm's balance sheet?
A trial balance shows
(i) Credit balances
(ii) Debit balances
Which of the following is (are) an example(s) of fictitious assets?
(i) Debit balance of Profit and Loss account
(ii) Goodwill
