Which of the following is not a credit item in the sales ledger control account?
Cash paid
Discount allowed
Dishonoured cheque
Returns inward
Correct answer is D
No explanation has been provided for this answer.
Items on the left-hand side of a total debtors account are debits in the
Purchase ledger
Sales ledger
General ledger
Journal
Correct answer is B
No explanation has been provided for this answer.
Which of the following is not a cause of depreciation?
Inflation
Erosion and decay
Wear and tear
Obsolescence
Correct answer is A
No explanation has been provided for this answer.
The profit of sole trader increases his
Stock
Asset
Liability
Capital
Correct answer is D
No explanation has been provided for this answer.
The total of the discount from creditors is transferred to
Credit side of discounts received account
Debit side of discounts received account
Credit side of discounts allowed account
Debit side of discounts allowed account
Correct answer is A
No explanation has been provided for this answer.