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They are termed as pre-shipment finance or packaging credit and postshipment finance.The first column is for the head of the account, the second column for writing the debit balance and the third for the credit balance of each account in the ledger.Non-convertible debentures Where a company issued debentures after the commencement of this Act, it shall create a Debenture Redemption Reserve for the redemption of such debentures, to which adequate amount shall be credited, from out of its profit every year until such debentures are redeemed.After the debits and credits for each transaction are entered in the journal, they are transferred to the individual accounts.All credit sales of merchandise are recorded in the sales journal.Such credit appears in the records of the buyer of goods as 'sundry creditors' or 'accounts payable'.However, the most important role of RBI is as the controller of money supply and credit creation in the economy.They also relieve the retailers of maintaining large stock of articles and extend credit facilities to them.Find out the difference between the total of debit side and the total of credit side of the account and enter the same on the credit side as the closing balance of cash/bank.When all receipts and payments are made in cash by a business organisation only, the cash book contains only one amount column on each (debit and credit) side.If it is sold at the end of its useful life, the amount realised on account of the sale of asset as scrap should be credited to the asset account and the balance is transferred to profit and loss account.The rich households are availing cheap credit from formal lenders whereas the poor households have to pay a heavy price for borrowing! What does all this suggest? First, the formal sector still meets only about half of the total credit needs of the rural people.The bank, in turn, will submit this foreign currency to RBI and its deposits with RBI will be credited with equivalent sum of money.We had to borrow money from my grandparents because there were no credit cards, cash or even any identification to be able to withdraw money from the bank.A trial balance is a statement showing the balances, or total of debits and credits, of all the accounts in the ledger with a view to verify the arithmatical accuracy of posting into the ledger accounts.