Posting purchases and payments to the ledgers Flashcards
1
Q
What is the purchases daybook?
A
-where we record details of invoices that we have received from credit suppliers
2
Q
What are the double entries for the purchases daybook?
A
Cr payables ledger
Dr VAT
Dr purchases etc.
3
Q
What is the purchases returns daybook?
A
-where we record details of credit notes that we have received from credit suppliers
4
Q
What are the double entries for the purchases returns daybook?
A
Dr payables
Cr VAT
Cr purchases
5
Q
What are the double entries for the discounts received daybook?
A
Dr payables
Cr VAT
Cr discounts received
6
Q
What is the cash payments book?
A
-where we record details of all money going out of the business
7
Q
What are the double entries for the cash book payments?
A
Cr bank
Dr payables
Dr VAT
Dr purchases
