Question No.1:- State which books of original entry the following transactions would be entered into: (a) ABC pays you $100 (b) You return goods to AB to the value of $100 (c) Customer AC returns goods to the value of $150 (d) You pay Jim $500 (e) You receive an invoice from A for $120 [...]
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Whenever a debtor cannot pay, it becomes a bad debt which in reality is an expense as it is a loss for the firm. The basic bookkeeping rules or principles is simply to debit: Bad Debts Account and Credit Debtors Account So how do we treat the books of accounts when a firm manages to [...]
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Below are the answers to the various topics on Basic accounting questions on: basic accounting concepts,principles and double entry systems subsidiary books bank reconciliation statement ledger accounts final accounts depreciation accounting
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Append below some questions to test the knowledge of those who have just studied topic on accounting concepts and double entry system: [click here for answer]
QUESTION:Mr. A extracted a Trial Balance at 31 st December 2005 and found that it did not balance. He posted the difference to a Suspense Account. Later he found the following errors which accounted for the difference: The total of $3,650 for Discount Allowed for the month of July’05 had been posted to the credit [...]
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