Journal Ledger trial balance balance sheet

Question 1

Goods sold to a certain person which account does the debit go?

Answer 1

It goes to the persons account. not cash

Question 2

A current dated cheque / any cheque goes where in a journal?

Answer 2

It goes to the bank a/c

Question 3

Trade discount in journal does only belongs in explanation bracket after substracting it.

Answer 3

Trade discount 10% means both debit and credit substract 10%.

Question 4

When goods are purchased under someone’s name with cash whose account do you credit?

Answer 4

You credit to the cash a/c.

Question 5

Received from someone
Allowed him discount?

Answer 5

Cash a/c
discount a/c

Question 6

Paying salary and rent becomes cash a/c rather than name

Answer 6

cash a/c rather than name.