From the transaction below: ‘A Smith owed the business £1,800 for the goods sold to him & he paid his debt within required time; hence 3% cash discount was given to him’.
How much cash discount was given to him?
The total of discount received column in the cash book will be transferred to ............. Ledger.
In the transaction: ‘Cash sale £1,410, in which £410 was received in cash’. What entries in the Cash book are done?
In the transaction: ‘Received a cheque of £1,200 from A Smart in full settlement of debt of £1,212’. What entries in the Cash book are done?
From the transaction: ‘Credit purchase from A John at list price of £880, subject to 20% trade discount’. How much discount will the business receive?
From the transaction: ‘Credit purchase from S Letts at list price of £250, subject to 10% trade discount; then return goods to S Letts at list price £40’. How much will the business record in Return Outwards account?
From the transaction: ‘K Devine returns to us goods with a list price of £150. No discount was previously made.’ In what accounts will it be recorded?
From the transaction below: ‘Credit sale to P Starkey at list price of £360, subject to 15% trade discount’. How much discount will be given to P Starkey?
From the transaction: ‘Credit purchase from A John at list price of £880, subject to 20% trade discount’. How much will the business record into Day book?
From Sales Day book, detail is transferred promptly to .......... account in Sales Ledger
From the transaction below: ‘Credit sale to P Starkey at list price of £360, subject to 15% trade discount’. How much will be recorded into accounts?
From the transaction: ‘Credit purchase from S Letts at list price of £250, subject to 10% trade discount; then return goods to S Letts at list price £40’. How much will the business finally owe S Letts?
From the transaction: ‘Return goods to S Letts at list price £40’. In what Day book and what accounts will it be recorded?
................. is indicated in the invoice and recorded in the accounts.
Which item below is not an asset?
‘Balance sheet’ is .........
A ....... is someone to whom you owe money after you buy on credit.
........... is a general term for activities of the business.
The word ......... in the heading of the balance sheet is linked to the idea of the snapshot photograph.
Where balances are carried forward from one page to the next, ‘balance .........’ would appear at the bottom of one page and ‘balance .......’ at the top of the next page.
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