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general entry for credit purchases, credit sales, golden
rules of accounting,what is contribution.
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Answer Posted / anurag
purches account dr
to sales account
,
sales account credit to ramesh account,
debid what comes,credit what goes out.
debid the giver,credit the reciver.
debid all loss and expences,cradit all incom and gain
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Alex’s Trial Balance at 31 December 2015 Dr (BWP) Cr (BWP) Capital 18 240 Bank overdraft 3 000 Fixtures and fittings 14 100 Provision for depreciation-fixtures and fittings 8 800 Inventory 14 200 Trade receivables 12 300 Trade payables 9 900 Revenue 110 000 Purchases 51 000 Discount received 1 800 Wages and salaries 26 000 Sundry expenses 34 000 Discount allowed 620 217 540 ======= 86 420 ======== Required: i Prepare the corrected trial balance at 31 December 2015. (7 marks) ii Show any difference you find as a balance on an appropriate account.
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