General ledger and Subsidiary ledger entries for different day books Flashcards
What would the postings be to the general ledger for a sales day book?
Dr SLCA, Cr Sales, Cr VAT.
Why is it Dr SLCA, Cr Sales, Cr VAT?
SLCA is an Asset (DEAD), Sales is an Income (CLIC), VAT is a Liability (CLIC).
What would the postings be to the sales ledger for a sales day book?
Dr Customer account (gross £).
What would the postings be to the general ledger for a sales returns day book?
Dr Sales returns, Dr VAT, Cr SLCA.
Why is it Dr Sales returns, Dr VAT, Cr SLCA?
SLCA is an Asset but there is a decrease (DEAD), Sales returns is an Asset (DEAD).
What would the postings be to the sales ledger for a sales returns day book?
Cr Customer account (gross £).
What would the postings be to the general ledger for a purchases day book?
Dr Purchases, Dr VAT, Cr PLCA.
Why is it Dr Purchases, Dr VAT, Cr PLCA?
Purchases is an Expense (DEAD), PLCA is a Liability (CLIC).
What would the postings be to the purchases ledger for a purchases day book?
Cr Supplier account (gross £).
What would the postings be to the general ledger for a purchases returns day book?
Dr PLCA, Cr Purchases returns, Cr VAT.
Why is it Dr PLCA, Cr Purchases returns, Cr VAT?
PLCA is a Liability but there is a decrease (CLIC), Purchases returns is an Income (CLIC).
What would the postings be to the purchases ledger for a purchases returns day book?
Dr Supplier account (gross £).
