Bookkeeping

An income summary account is like a clearing account where balances from the temporary accounts are transferred. When closing the revenue account, you will take the revenue listed in the trial balance and debit it, to reduce it to zero. As a corresponding entry, you will credit the income summary account, which we mentioned earlier. … Lire la suite

Services provided must be a ‘relatively insignificant component of the arrangement as a whole’ for the definition of investment property to be met. IFRS Standards have different accounting and disclosure requirements for real estate depending on whether it is held to be sold to customers, owner-occupied or an investment property. This distinction generally depends on … Lire la suite