Goods were purchased for resale on credit costing ₦150,...
Goods were purchased for resale on credit costing ₦150,000 on 30th September 2008 from Tosanwumi International. The entry to record these transaction is debit
Tosanwumi International, credit purchase Account
Purchase Account ₦150,000, credit Tosanwumi International Account ₦150,000
Credit Account ₦150,000, Credit Tosanwumi International ₦150,000
Tosanwumi International ₦150,000, credit credit Account ₦150,000
Correct answer is B
When a purchase was made, a credit purchase invoice would have been issued by the supplier, Tosanwumi International, which would be signed by Mr. Roi as evidence of his acceptance of liability to pay for the goods.
The two accounts needed to record this transaction are the purchase Account and Tosanwumi International Account. purchase account would be debited while the Tosanwumi International Account credited.
Use the following information to answer the given question. \(\begin{array}{c|c} & ₦\\ \hli...
Which of the following transactions is posted to the nominal ledger? ...
The Assets and liabilities of Udo Co.ltd. as at 31st December, 2000. Creditors N50,000 Debtors N...
An increase in government expenditure within a year is taken care of by means of ...
Which of the following is both a subsidiary book and a ledger? ...
The minimum number of persons required to form a partnership business is ...
A part of public company's profits belonging to the shareholders is ...
Given: Sales Ledger Control Account (Extracts) Balance b/f N10,600 Total cash payments by debtors...