The books of prime entry for purchases Flashcards
1
Q
What is a purchases daybook?
A
-where we record all purchase invoices that we have received from CREDIT suppliers
2
Q
What is the supplier account number?
A
-code we have created
3
Q
What is the supplier invoice number?
A
-suppliers own invoice number
4
Q
What are the double entries?
A
Dr VAT
Dr purchases
Cr payables
5
Q
What is the purchases returns daybook?
A
-where we record all credit notes received from credit suppliers
6
Q
What are the double entries for the purchases returns daybook?
A
Dr payables
Cr VAT
Cr purchases returns
7
Q
What are the double entries for the discounts received daybook?
A
Dr payables
Cr VAT
Cr discounts received
8
Q
What is the difference between payables ledger control and payables ledger?
A
-PLCA = all credit suppliers
-PL = individual credit suppliers
