Double Entry Flashcards
1
Q
What is RAIL
A
Debit
Running Cost
Assets
Credit
Income
Liabilities
2
Q
What is on the debit side of a receivables ledger
A
Balance b/d
Credit Sales
Dishonoured Cheque
Discount on dishonoured cheque
Interest to charged receivables
3
Q
What is on the credit side of the receivables ledger
A
Receipts from the customer
Discounts allowed (if there was any)
Sales returns
Balance c/d
4
Q
What is a payables ledger
A
An account that records the money that your business owes to
They may be owing money to creditors, vendors, suppliers, investors etc
