Accounts Chapter 6

Question 1

Name the debits and credits of:

A debtor is declared insolvent

Answer 1

Cr Debtors Control

Dr Bad Debts

Question 2

Name the debits and credits of:

Owner takes stock for his personal use

Answer 2

Cr Trading Stock

Dr Drawings

Question 3

Name the debits and credits of:

Owner takes equipment for his own use

Answer 3

Cr Equipment

Dr Drawings

Question 4

Name the debits and credits of:

Owner took consumables for his own use

Answer 4

Cr Consumables

Dr Drawings

Question 5

Name the debits and credits of:

Interest is charged to an overdue debtor

Answer 5

Cr Interest on Overdue Debtors

Dr Debtors Control

Question 6

Name the debits and credits of:

Cancellation of discount allowed on dishonoured cheque

Answer 6

Cr Discount Allowed

Dr Debtors Control

Question 7

Name the debits and credits of:

An asset was incorrectly increased, when an expense should have been

Answer 7

Cr the asset

Dr the expense

Question 8

Name the debits and credits of:

An expense was increased, but it should have been a different expense

Answer 8

Cr the incorrect expense

Dr the correct expense

Question 9

Name the debits and credits of:

A debtor who was declared insolvent paid their account

Answer 9

Cr Bad Debts Recovered

Dr Bank

Question 10

Name the debits and credits of:

An insolvent debtor paid his account, but it was incorrectly posted to the Debtors Control account

Answer 10

Cr Bad Debts Recovered

Dr Debtors Control