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Final Accounts

JC Business Studies

QuestionAnswer
Amounts Due by the Firm ADD the amount due to the expense in the profit and loss account Show the amount due as a current liability in the balance sheet
Amounts Due to the Firm ADD the amount due to the gain in the profit and loss account Show the amount due to the firm as a current asset in the balance sheet
Amounts Prepaid by the firm SUBTRACT the amount prepaid from the expense in the profit and loss account Show the amount prepaid by the firm as a current asset in the balance sheet
Amounts Prepaid to the Firm SUBTRACT the amount prepaid from the gain in the profit and loss account Show the amount prepaid to the firm as a current liability in the balance sheet
Created by: MissMurphy
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