It is opening entry ryt ..why did it appear on the cr side ?
Priyamvatha Parthasarathy
CA Foundation
★ 5K+
08-May-23 19:44
498
Answers (4)
Because Building Fund is a liability and it has Cr balance so it appears on cr side.
Prathmesh kharul
CA Foundation
★ 3K+
08-May-23 21:22
Please do give a tick mark so that i get points
Prathmesh kharul
CA Foundation
★ 3K+
08-May-23 22:04
It is like a provision account, because created so that i can be utilized in future, provision is a liability which is shown under reserves and surplus
All liabilities account have cr balances only
R Yashwanth Kumar
CA Final
★ 87K+
09-May-23 01:33
It is like a provision account, it is created so that it can be utilized in future, provision is a liability which is shown under reserves and surplus
All liabilities account have cr balances only
