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-----------------------------------------------------