Purchase ledger Flashcards
0
Q
discount received
Debit or credit?
A
Debit
1
Q
Purchase ledger accounts
What is debited and what is credited?
A
Debit: anything that decreases the amount owed to the supplier
Credit: anything that increases the amount owed to the supplier
3
Q
Dishonoured cheque and discount
Debit or credit?
A
Credit
4
Q
Contra?
Debit or credit
A
Debit
5
Q
Payments to supplier
Debit or credit?
A
DEBIT
7
Q
Balance brought down on a purchase ledger
Debit or credit? (Unless negative)
A
Credit (unless negative)
