Value of furniture in business xxxx .
Less depreciation xxxx ----------------------------------- Total furniture shows in b / s xxxx . ===========================
b ) Closing balance of receipt and payment account will be shown as current asset in the balance sheet . If you bought other current asset . Add it in the opening balance of current asset in it . If you sell the current asset , you should deduct this .
c ) Payment to Creditors which will show in the payment side of receipt and payment account will be helpful for finding the closing balance of creditor . Closing balance of creditor will show in the current liability of balance sheet .
Opening balance of creditor from opening balance sheet XXXXX Add New Credit purchase XXXXX Deduct Cash paid to creditors XXXXX
----------------------------------------------------- Closing balance of Creditor ===================================
d ) Debit side of receipt and payment account will be receipt side . In this side , you have to take capital nature items . Receipt from debtor will be helpful to calculate the closing balance of debtor which will go to the current asset .
Opening balance of debtor from opening balance sheet XXXXX Add New Credit Sale XXXXX Deduct Cash received from debtor XXXXX
Deduct Bad Debts XXXXX -----------------------------------------------------