Debit / Credit Double Entry

Question 1

Sales Credit

Answer 1

Sales - credit (NET)
VAT - credit (VAT amount)
RLCA - debit (GROSS)

Question 2

Sales Return

Answer 2

Sales Return - debit (NET)
VAT - debit (VAT Amount)
RLCA - credit (GROSS)

Question 3

Purchase Credit

Answer 3

Purchase - debit (NET)
VAT - debit (VAT amount)
PLCA - credit (GROSS)

Question 4

Purchase Return

Answer 4

Purchase Return- credit (NET)
VAT - credit (VAT amount)
PLCA - debit (GROSS)

Question 5

Discounts Allowed

Answer 5

Discounts Allowed - debit (discount amount)
VAT - debit (VAT amount)
Sales - credit (NET)
RLCA - credit (GROSS)

Question 6

Discounts Received

Answer 6

Discounts Received - credit (discount amount)
VAT - credit (VAT amount)
Purchase - debit (NET)
PLCA - debit (GROSS)

Question 7

Cash Received

Answer 7

Debit - Bank account (cash receipts book)
Credit - RLCA

Question 8

Accounting for payments to Payables

Answer 8

Debit - Payables
Credit - Bank

Question 9

Accounting for payments to Receivable

Answer 9

Credit - Receivable
Debit - Bank account

Question 10

Discounts Received / Discounts Allowed -

Answer 10

Discounts Received - reduction in Payable
Discounts allowed - reduction in Receivable