6719253
Description
Flashcards by Simon Ackers, updated more than 1 year ago
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Created by Simon Ackers
about 8 years ago
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| Question | Answer |
| Sales | Income Credit |
| Purchases | Expense Debit |
| Motor Vehicle | Asset Debit |
| Discounts Allowed | Opposite to sales Debit |
| Purchases returns | Opposite to Purchases Credit |
| Discounts received | Opposite to purchases Credit |
| Wages | Expense Debit |
| VAT Owed to HMRC | Liability Credit |
| Bank | Asset Debit |
| Purchase Ledger Control | Liability Amount owed to suppliers Credit |
| Sales Ledger Control | Asset Amount owed by Customers Debit |
| Sales Returns | Opposite to sales Debit |
| Bank overdraft | Liability Credit |
| Capital | Amount owed to owner of business Credit |
| Inventory | Stock Debit |
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