Account Reconstruction

Question 1

Accounts Receivable Debit Side (2)

Answer 1

1. Balance

2. Sales/GST Clearing

Question 2

Accounts Receivable Credit Side (3)

Answer 2

1. Bank/Discount Expense
2. Sales returns/GST Clearing
3. Allowance for doubtful debts/GST Clearing

Question 3

Accounts Payable Debit Side (2)

Answer 3

1. Bank/Discount revenue (Purchase return)

2. Inventory/GST Clearing

Question 4

Accounts Payable Credit Side (2)

Answer 4

1. Balance

2. Inventory/GST Clearing

Question 5

GST Clearing Debit Side (5)

Answer 5

1. Bank
2. Accounts Receivable
3. Accounts Payable
4. Bank
5. Accounts Receivable

Question 6

GST Clearing Credit Side (4)

Answer 6

1. Balance
2. Accounts Receivable
3. Accounts Payable
4. Bank

Question 7

Inventory Debit Side (6)

Answer 7

1. Balance
2. Bank
3. Accounts Payable
4. Capital
5. Cost of sales
6. Inventory Gain

Question 8

Inventory Credit Side (7)

Answer 8

1. Drawings
2. Advertising
3. Inventory loss
4. Inventory write down
5. Cost of sales
6. Cost of sales
7. Accounts Payable

Question 9

Capital Debit Side (1)

Answer 9

1. Drawings

Question 10

Capital Credit Side (4)

Answer 10

1. Balance
2. NCA
3. Bank
4. P/L Summary