Chapter 5 Purchase Ledger Flashcards
1
Q
What is another name for purchase?
A
buying
2
Q
In the purchase ledger, what is the account name?
A
The account name would be the suppliers name
3
Q
How do you calculate the Net, VAT, and Total
for purchases?
A
The same as Sales
4
Q
In the purchase ledger, what side would it be (Dr or Cr)?
A
Cr
5
Q
What is the mirror of PLCA?
A
Its the purchase ledger account hence why its a credit and also it just gives info of individual totals(look at the PLCA Dr &Cr for the purchase ledger Dr& Cr)
