Accounts from incomplete records

Accountancy

In the table of nominal accounts, what does 'amount bank payment', 'paid of accrued' and ' total private fund' mean? How does total private fund is the sum of 2,3,&4? Please clarify the terms?

Rinuja TK

CA Inter

★ 10K+

20-Jul-22 10:20

540

Answers (3)

Best Answer

'Amount bank payment ' means expenses paid from bank account 'paid out of accrued ' denotes outstanding expenses.. 'total private fund ' refers the amount that owner(entity) had,for paying from their own resources.

Sajeetha R

CA Final

★ 46K+

20-Jul-22 10:42

It is the total amount that has been paid or to be paid in the current year .Nominal account takes into account only the current year 's expenditure and income.So deduct the advance payment of 150rs. Which pertains to succeeding year

Shankari C

CA Inter

★ 3K+

20-Jul-22 10:26

Thankyou

Thread Starter

Rinuja TK

CA Inter

★ 10K+

21-Jul-22 21:29