Double Entry Book-keeping

Question 1

indiviual account in the receivables ledger - debit

Answer 1

b/d

sales invoice from the sales journal

dishonoured cheque

discount on dishonoured cheque

interest charged to receivable

Question 2

individual account in the receivables ledger - credit

Answer 2

receipts from customer

discount allowed

credit notes from the sales returns

contra with payable ledger account

c/d

Question 3

example of individual account in the payables - debit

Answer 3

payment to the supplier

discount received

credit notes from purchase returns journal

contra with receivables ledger

c/d

Question 4

example of individual account in payables ledger - credit

Answer 4

b/d

purchase invoice from purchase journal

dishonoured cheque

discount on dishonoured cheque

interest charged by payable