Brought down balance...

RosieFitz
RosieFitz Registered Posts: 7
in Chat and off-topic discussion
I have come to a questions in one of my assignments which I have hit a wall with, I don't know if this is purely because Iv been doing this for the past 3 hours or just that I'm being stupid either way i need someone help...
The question is 'WHAT IS THE BROUGHT DOWN BALANCE ON THE FOLLOWING ACCOUNT?

Above are the potential answers, I think the reason why I'm so confused is as there is no amounts on the DR (DEBIT) side. PLEASE HELP!!! /Users/michaelfitzpatrick/Desktop/QUESTION 30.docx

Comments

  • RosieFitz
    RosieFitz Registered Posts: 7
    QUESTION IS AS BELOW

    SALES ACCOUNT
    Date Details Ref £ Date Details Ref £
    1 Feb Bank CB1 500.00
    10 Feb Cash CB1 1050.00
    20 Feb Bank CB1 300.00
    28 Feb Cash CB1 825.00


    a) £2,675 Cr
    b) £2,675 Dr
    c) Zero balance
    d) £5,350 Cr
  • RosieFitz
    RosieFitz Registered Posts: 7
    THE ENTRIES ARE ON THE CREDIT SIDE, THERE ARE NO ENTRIES ON DEBIT SIDE
  • Adele69
    Adele69 Registered Posts: 320
    If it is the Sales Account, (and not the Sales Ledger Control Account) then the closing balance would be transferred to the Statement of Profit of Loss, and would start the next period at zero so I would be inclined towards c)
  • RosieFitz
    RosieFitz Registered Posts: 7
    I put 'c' the first time however I have still been advised that this answer is incorrect :(
    Thanks though

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