Question
Od Dusiness takes goods for her own use. What are the entries to record this?
account debited account credited
capital
capital
drawingsS
drawingS
drawings
sales
C
purchases
inventory
D
21 What is the purpose of double entry bookkeeping?
A
to apply the dual aspect concept
to avoid errors
prepare books of prime entry accurately
to record revenue and capital transactions
correctly
B
22 A garage business buys a motor van which will be used for business purposes only.
In which account will this transaction be recorded?
capital
motor expenses
A
motor vehicles
B
purchases
23 X owns a shop. To determine his selling price he marks up his inventory by 50 %. He took goods
for his own use costing $100 but did not pay for it. How should this be entered in the accounts?
debit
credit
A
customer $100
sales $100
sales $150
purchases $100
purchases $150
B
customer $150
drawings $100
drawings $150
24 Brown charged Jones for cariage on goods delivered to Jones premises.
What entries will Brown make in his ledger?
debit
credit
Jones
carriage inwards
carriage outwards
Jones
B
Jones
carriage inwards
D
Jones
carriage outwards
id to a sunnlier for gogdS bought on credit?
Answer
Debit: Supplier
Credit: Accounts Payable