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?

................. is indicated in the invoice and recorded in the accounts.

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’.

What kind of discount is it?

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 did A Smith actually pay?

The capital equation is:

........... is a general term for activities of the business.

‘Balance sheet’ is .........

Book-keeping entries relating to Payment received from debtor are:

Book-keeping entries relating to Cash Purchases are:

The term ‘Drawings’ means

In the transaction ‘wages of £40 are paid in cash’, which entries are correct?

Book-keeping entries relating to Payment to creditor are:

.............. is used to record Cash & Bank accounts

The account ‘T Dove’ has 4 transactions during May, Year 4, including 2 debit entries with £150 & £80 and 2 credit entries with £170 and £35. How much is the balance of this account at the end of May, Year 4?

............. accounts cover various income and expense accounts, e.g. sales, wages, etc.

.................. account is used for regular banking and withdrawal of money.

In the transaction: ‘Cash sale £1,410, in which £410 was received in cash’. What entries in the Cash book are done?

From Sales Day book, detail is transferred promptly to .......... account in Sales Ledger

The invoice gives details of .................

From the transaction below: ‘A Smith owed the business £1,500 for the goods sold to him on May 10, Year 2. The terms of sale allow for 3% cash discount for payment within 7 days. On May 15, Year 2, A Smith paid his debt by cheque.’

What entries in the cash book are necessary for this transaction?