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Simerpreet
SimerpreetHelpful
In: 1. Financial Accounting > Miscellaneous

Which of the following accounts have a debit balance?

A. Furniture

B. Capital

C. Sales

D. Commission earned

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    1. Ishika Pandey Curious ca aspirant
      2023-02-14T02:55:12+00:00Added an answer on February 14, 2023 at 2:55 am

      Definition

      Where the total of the debit side is more than the credit side therefore the difference is the debit balance and is placed credit side as “ by balance c/d “

      A furniture account that is an asset has a debit balance.

      Debit balance may arise due to timing differences in which case income will be accrued at the year’s end to offset the debit.

      The amount is shown in the record of a company s finances, by which its total debits are greater than its total credits.

      The account which has debit balances are as follows:

      • Assets accounts

      Land, furniture, building machinery, etc

      • Expenses accounts

      Salary, rent, insurance, etc

      • Losses

      Bad debts, loss by fire, etc

      • Drawings

      Personal drawings of cash or assets

      • Cash and bank balances

      Balances of these accounts

      The account has credit balances as follows:

      • Liabilities accounts

      Creditors, bills payable, etc

      • Income accounts

      Salary received, interest received, etc

      • Profits

      Dividends, interest, etc

      • Capital

      Partners Capital

       

      Here are some examples showing the debit balances and credit balances of the accounts :

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