How do u figure out balanced carried forward for cash account and accounts receivable? I just...

How do u figure out balanced carried forward for cash account and accounts receivable? I just submitted a question for 2-5B which was totally answered but I just don’t quite get how to carry over some balances.

Expert Solution

Answer: Normally Cash account and Account Receivable have Debit Balance, as both of the items are asset for the business. Where Cash Account indicates Total liquid cash in the hands of company/entity and on other side account receivable indicates Total cash to be collected from Customers.

To get carried forward balance you just have to add all the amounts on debit side of Cash account(total cash received) less total of all the amounts on Credit Side of cash account(total cash paid). If total of debit side is more than total of credit side it means you have still some cash in hand.

Similar is in the case of Account receivable Total all the amounts on Debit side(Total amount to be received) less total all amounts on credit side(Total amount received from customer) of Account receivable. And the difference between both the figures shall be the Balance to be carried forward of Accounts receivable account.

Hope this meets your purpose. Do let me know in case of any clarification.

Do like the answer if it was helpful. Best of luck..!!

ekkarill92 answered 1 year ago

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