ledgers

Question 1

purchases

Answer 1

debit

Question 2

sales returns

Answer 2

debit

Question 3

assets

Answer 3

debit

Question 4

expenses

Answer 4

debit

Question 5

drawings

Answer 5

debit

Question 6

bad debts

Answer 6

debit

Question 7

sales revenue

Answer 7

credit

Question 8

purchase returns

Answer 8

credit

Question 9

liabilities

Answer 9

credit

Question 10

other incomes

Answer 10

credit

Question 11

equity

Answer 11

credit

Question 12

taken for personal use

Answer 12

drawings

Question 13

what account do bankruptcy go into

Answer 13

bad debts

Question 14

G Green purchased good on credit costing £150 plus VAT what accounts are needed (you are not G Green)

Answer 14

G Green A/C DR
sales revenue CR
VAT CR

Question 15

£50 of the goods sold to G Green were returned as they were damaged. what accounts are needed? (you are not G Green)

Answer 15

G Green A/C CR

sales returns DR

Question 16

purchased goods worth £100 plus VAT from K Smith, payed by cheque. what accounts are needed (you are not K Smith)

Answer 16

bank A/C CR
purchases DR
VAT DR

Question 17

the owner took £200 worth of goods for his own use. what accounts are needed

Answer 17

drawings DR

purchases CR