AAT 2 Unit 1 Flashcards
General Ledger Entry: Cash basis received for goods?
Debit Cash Book (Gross) - Credit sales (Net) - Credit VAT (VAT)
General ledger entry: Purchases Paid on a cash basis?
Credit Cash Book (Gross) - Debit Purchases (Net) - Debit VAT (VAT)
General Ledger entry: Sales on Credit Terms
Debit RLCA/Receivables Ledger (Gross) - Credit Sales (Net) - Credit VAT (VAT)
General Ledger Entry - Remittance received for credit terms sales invoice?
Debit Cash Book (Amount Paid) - Credit RLCA (Amount Paid)
General Ledger Entry: Remittance sent to supplier
Debit PLCA - Credit Cash Book
What’s a trial Balance?
A list of the outstanding Ledgers that have been carried over to the next perod
How to balance a ledger
- Total up both debit and credit side of the ledger, used the higher total for both.
- Balance C/D the amount in the less side of the ledger.
- Balance B/D the amount into the next period
How many books of Prime Entry are There?
9 - SDB, SRDB, DADB, PDB, PRDB, DRDB,Cash Book, Petty Cash Book, Journal Book
Which financial documents are added to the Sales Day Book?
Sales Invoices on credit terms
Which financial documents are added to the purchase day book?
Purchase Invoices on credit terms
Financial documents for the Sale returns day book
Credit note for returns of goods on credit terms invoice
Financial document for Purchase Returns Day Book
Credit note received for returns of goods on credit terms
Financial Document for Discount Allowed Day Book?
Credit note for sales invoice for early payment discount (Prompt Payment Discount)
Financial documents for Discounts received day book?
Credit note received for early payment (Prompt payment Discount) on credit terns purchase invoice
Financial document for Cash Book?
Remittance received, Remittance sent out, receipts
