However, to avoid omission, it is recommended to extract the final cash balance first, after which the remaining ledger balances can be listed in either page or book sequence. It is prepared trial balance on a particular date to summarize the records and check the arithmetical accuracy of the books of accounts. This records the…

As an example, let’s say our example asset is sold at the end of Year 3 and that we used Straight Line depreciation for this asset. No salvage value is not always a bad thing, it just means that you have used the asset up to its complete use and you no longer have a…