Home For AAT student members AQ 2016 Advanced Diploma in Accounting Advanced Bookkeeping
Current updates regarding coronavirus (Covid-19) and the precautions AAT are taking will be continually updated on the below page.

Please check this link for the latest updates:
We hope you are all safe and well and if you need us we will be here. 💚


Cash in extended trial balance

janakGjanakG Registered Posts: 9
So I know that bank goes into debit on the statement of financial position, where does cash go, SFP or SPL?

Comments

  • FACFAC Registered Posts: 17
    Under cash on hand or bank. If you are using software to generate SFP it will class them for you.

    If the balance is positive put it in debit side if negative in credit side.
  • davealucasdavealucas LondonMAAT Posts: 81
    Cash is an asset so it goes into the SFP
    SimplyLearnFinance
  • SimplyLearnFinanceSimplyLearnFinance UKRegistered Posts: 17
    The cash goes under bank on the SFP as it is an asset and more readily available in theory than money in the bank. It will never have a credit balance (you can't have minus cash) but you can with a bank account when it becomes overdrawn and becomes a liability.
    Personalised Lessons from the Comfort of Your Home

    [email protected]
    www.simplylearnfinance.co.uk
Sign In or Register to comment.