04-15-2005, 06:52 AM
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dear mr. bilal, if i m correct, balance sheets donot show accounts in debit/credit form. bal sheets r just in list-down form.
by contra entries, i meant those accounts tht reduce the balance of aforementioned five categories of accounts (assets, liability, capital, revenue, n expenses). any account tht is not a part of these five categories, n reduces the balance of these (except for expense n liabilities accounts) is called contra account bcoz it lowers our strengths of assets, or revenues or equity. but accou8nts or other sources tht reduce amounts of expenses or liability r always welcomed, so they r not contra accounts.
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FARHAN
live, n let live ...
dear mr. bilal, if i m correct, balance sheets donot show accounts in debit/credit form. bal sheets r just in list-down form.
by contra entries, i meant those accounts tht reduce the balance of aforementioned five categories of accounts (assets, liability, capital, revenue, n expenses). any account tht is not a part of these five categories, n reduces the balance of these (except for expense n liabilities accounts) is called contra account bcoz it lowers our strengths of assets, or revenues or equity. but accou8nts or other sources tht reduce amounts of expenses or liability r always welcomed, so they r not contra accounts.
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FARHAN
live, n let live ...
