General fund is the primary fund maintained by the companies for recording all inflows and outflows except which are associated with the special purpose funds. It is mostly the difference between assets and liabilities of the company’s fund. Vouchers payable: It is the amount of bill which is incurred but not yet paid. Voucher is a document used by the company for payable accounts. Whether “Vouchers payable” is credited (C), debited (D) or not affected (N) to general fund.

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Chapter 17, Problem 17.18.14P

To determine

Introduction: General fund is the primary fund maintained by the companies for recording all inflows and outflows except which are associated with the special purpose funds. It is mostly the difference between assets and liabilities of the company’s fund.

Vouchers payable: It is the amount of bill which is incurred but not yet paid. Voucher is a document used by the company for payable accounts.

Whether “Vouchers payable” is credited (C), debited (D) or not affected (N) to general fund.

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