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REVIEW QUESTIONS
2.1 For the following transactions state which accounts should be debited, and
which should be
credited.
(a) Equipment bought on credit from M Sparks.
(b) Motor car bought and payment made by cheque.
(c) Owner pays own money into bank account.
(d) Fixtures sold on credit to J Harker.
(e) Cheque sent to A Johnson, a creditor.
(f ) Cash received from P Shortland, a debtor.
2.3 Record the following transactions for S Vernon’s first month of business
operations.
2009
2 January £25,000 of owner’s money placed into business bank account.
7 January Premises are bought for £15,000, payment made by cheque.
14 January £900 from bank paid into cash till.
17 January Fixtures are purchased for £4,000 on credit from C Platt.
19 January Office supplies bought for cash £500.
23 January Fixtures worth £750 sold for the same amount on credit to D
Hammond.
(e) Garage sells a recovery vehicle that had been used within the business on
credit to
Rescuecars Ltd.
2.5 For the following transactions state the accounts to be debited and credited.
(a) Goods sold to K Jones on credit are returned due to unsuitability.
(b) Butcher purchases new bacon slicer, paying by cheque.
(c) Baker sends buns back to A Francis, the original supplier, due to them being
stale.
(d) Fast food outlet sells pizzas for cash.
(e) Local shop sells counter on credit to E Polley.
2.8
Write up the following transactions in the double-entry accounts of J Lam for
the month of February 2009.
2 February Lam places £400 of his own money into the cash till.
Chapter 2 • Double-entry bookkeeping