Sales Tax on Payables
The payable includes the amount of sales tax since it will be …
Financial
Accounts Payable
What is accounts payable? Accounts payable is the balance owed by the …
Accounting for Doubtful Debts
Allowance for doubtful debts is created by forming a credit balance which …
Provision / Allowance for doubtful debts
Recoverability of some receivables may be doubtful although not definitely irrecoverable. Such …
Bad Debts / Irrecoverable Debts
An entity may not be able to recover its balances outstanding in …
Discount Allowed
Discounts may be offered on sales of goods to attract buyers. Discounts …
Sales Return
Sales returns, or returns inwards, are a normal part of business. Goods …
Sales Tax on Receivable
When a credit sale involves the application of sales tax, the receivable …
Accounting for Receivables
What is accounts receivable? Accounts receivable is the balance owed to the …
Prepaid Expense
Prepaid expense is expense paid in advance but which has not yet …