With the information provided prepare trial balance off ACE trading corporation: Name of the accountName of the account1,00,000 Sales75,000| Creditors1,50,000 | Cash35,000| CapitalPurchases1,50,000Bank Loan50,000Debtors90,000Stock1,00,000

Nature of Balance: Sr No. Name of the Account Debit/Credit 1 Purchases Debit 2 Bank loan…

Answered: With the information provided prepare…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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With the information provided prepare trial balance off ACE trading corporation:

Name of the account
Name of the account
1,00,000 Sales
75,000| Creditors
1,50,000 | Cash
35,000| Capital
Purchases
1,50,000
Bank Loan
50,000
Debtors
90,000
Stock
1,00,000

Definition Definition Difference in value of a country's net exports and net imports for goods and services in a given period. A positive balance of trade is called a surplus and coincides with more net cash inflows into a country; a negative balance of trade deficit is a deficit and results in net cash outflows. A balance of trade surplus or deficit doesn't necessarily indicate a positive or negative situation for a country.

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