Chapter 7 Cash Book Flashcards
1
Q
When it is a payment which side is it?
A
credit
2
Q
When it is a receipt which side would it be on?
A
debit
3
Q
what would the SLCA column have?
A
The amount when there is no vat
4
Q
what would the Vat column be?
A
The vat
5
Q
What would cash sales be?
A
The net
6
Q
How do you work out net and vat?
A
vat: gross/120 x 20
net: gross/120 x 100
7
Q
When paying what do you do with bank?
A
You credit it
