Hello
Can anyone please explain why the balance of the GST Balance Account is negative in the general ledger and the account in the Balance sheet is postive?
Liability account - don't get it.
Cheers
Julie
Hi
a liability account is a credit account (-)
so if the balance is a negative it shows in the balance sheet as a whole figure as it is an assumed negative
if the liability is positive it would show as (54)
as an example a loan in the liability account would show as $50000
less unexpended interest (500)
hope that helps to explain
Lisa
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