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Purchases & Sales
Debit or Credit
Question | Answer |
---|---|
Purchases are on the ........................ side in the GL | Debit |
Purchases Returns are on the .......................... side in the GL | Credit |
VAT on Purchases in VAT Account are on the ..................... side in the GL | Debit |
VAT on Purchases Returns in VAT Account are on the ........................ side in the GL | Credit |
Purchases in the Creditors Account are on the .................... side in the CL | Credit |
Purchases Returns in the Creditors Account are on the ..................... side in the CL | Debit |
What is a Trial Balance? | Shows all the entries from the General and Creditors Ledger |
What is the Basic rule of Double-Entry bookkeeping? | For every Debit there has to be a Credit. |
Debit anything that ........................ | Comes in |
Credit Anything that ...................... | Goes out |
Sales are on the ............................ side in the GL | Credit |
Sales Returns are on the ............................ side in the GL | Debit |
VAT on Sales is on the .................................. side in the GL | Credit |
Sales in the Debtors Account are on the ..................... side in the DL | Debit |
Sales Returns in the Debtors Account are on the .................... side in the DL | Credit |