Basic double entries 1

Question 1

Which side UP , which side DOWN?

Answer 1

Question 2

Which side UP , which side DOWN?

Answer 2

Question 3

Which side UP , which side DOWN?

Answer 3

Question 4

Accouting equation

Assets = ________ + ________

Answer 4

Assets = Liabilities + Capital

Question 5

Introduce (Invest) cash into a company

________

Answer 5

Question 6

Introduce (Invest) motor vehicle into a company

Answer 6

Question 7

Introduce (Invest) money into the company bank account

Answer 7

Question 8

The owner takes cash for private / personal / non-business use.

Answer 8

Question 9

The owner takes money from company’s bank account for private / personal / non-business use.

Answer 9

Question 10

The owner takes inventory for private / personal / non-business use.

Answer 10

Question 11

The owner takes office equipment for private / personal / non-business use.

Answer 11

Question 12

Sold inventory to Mr Chan by cash

(Cash Sales)

Answer 12

Question 13

Sold inventory to Mr Chan on credit

(Credit Sales)

Answer 13

(If no name is given, use “Trade receivables” instead)

Question 14

Returns Inwards means…

Answer 14

Customers returns inventory back to us

= Sales returns

Question 15

Returns Outwards means…

Answer 15

We returns inventory to our supplier

= Purchases returns

Question 16

Returns Outwards

Double entry

Answer 16

Question 17

Returns Inwards

Double entry

Answer 17

Question 18

Receiving cash / cheque from trade receivables

Answer 18

Question 19

Cash purchases

(Purchases by cash or cheque)

Answer 19

Question 20

Credit purchases

Answer 20

Question 21

Repay money to trade payables

Answer 21

Question 22

Pay electricity by cash / cheque

Answer 22

Question 23

Borrow money from Bank

Answer 23

Question 24

Discount allowed

Answer 24

Question 25

Discount received

Answer 25