Accounting Software

Question 1

Sale Returns

Answer 1

inventory -name –> Dr
cost of goods sold - name –> Cr

sale returns –> Dr
gst –> Dr
accounts receivable - name –> Cr

Question 2

Loss or gain on sale of asset

Answer 2

Bank –> Dr
gst –> Cr
name asset sold –>Cr

accumulated depreciation - name asset –> Dr
loss on sale –> Dr
gain on sale –> Cr

Question 3

Charges from a supplier- e.g. freight from a supplier

Answer 3

freight inwards –> Dr
gst –> Dr
accounts payable - name –> Cr

Question 4

Sundry charges e.g. freight to customer overdue fees

Answer 4

accounts receivable –> Dr
gst –> Cr
fees received –> Cr

Question 5

Purchase return

Answer 5

accounts Payable - name –> Dr
inventory - name –> Cr
gst –> Cr

Question 6

Inventory shortage/loss

Answer 6

shrinkage/inventory loss –>Dr
inventory - name –> Cr

Question 7

Drawing by owner

Answer 7

drawings –> Dr
inventory - name –> Cr
gst –> Cr

Question 8

Purchase of an asset

Answer 8

name of asset –> Dr
gst –> Dr
accounts payable/bank –> Cr

Question 9

Depreciation of asset

Answer 9

depreciation on (name asset) –> Dr
accumulated depreciation (name asset) –> Cr

Question 10

Correction of error

Answer 10

inventory/account/expense being increased –> Dr
inventory/account/expense being decreased –> Cr

Question 11

Sale of Plant

Answer 11

bank –> Dr
sale of plant –> Cr