Which of the following is an item in the debit side of th...
Which of the following is an item in the debit side of the sales ledger control account?
Interest charged by suppliers
Bills receivable honored
Transfer of credit balances from credit control account
Transfer of debit balance from creditors control account
Correct answer is A
Recall sales ledger control account are used to track trade debtors, that is goods sold on credit. We already know that we debit all income and credit expenses. The debit side of the account contains interest charged by suppliers because the goods were sold on credit and its considered an income.
\(\begin{array}{c|c} & N \\ \hline \text{Opening stock of raw materials} & 8,000\\ \text{Pur...
Goodwill may be brought into the books when ...
The prudence concept demands that ...
The purchase day book is used to record ...
Which of the following is not correct? \(\begin{array}{c|c} Assets & Liabilities & Capita...
A manufacturing company's cost of production was D 200,000. The finished goods were transfe...
The source document sent by the seller to the buyer when goods are returned is ...
The transformation of pieces of information into a more useful format is ...