Writing Up Sales And Purchases Daybook Flashcards
(18 cards)
Where would the total of vat posted to in the purchases day book
Debit side due to been reclaimed by HMRC. Vat is a liability
What is a purchase day book
All purchase invoices received from supplier
Net + vat =?
Gross
Expenses + purchases =?
Net
The gross total on individual purchases invoice are posted where?
Credit side of the supplier accounts in payables ledger, each invoice increases amount owed making it a liability
Where would the total purchases be posted to?
Debit side due to been an expense to the business
Where would the total expenses be posted to?
Debit side of relevant account
What are books of prime entry.
Sales day book and purchases day book
When posting the purchase daybook what is the double entry to post the totals of each column to the general ledger.
When posting
When posting from the purchases daybook, the amounts posted to the individual suppliers’ accounts within the payables ledger should equal the amount posted to the payables ledger control account. Is this statement true or false?
True
The postings from the purchases daybook are made on which side of the accounts?
Credit side
Fill in the blank: The amounts posted to the individual suppliers’ accounts within the payables ledger should equal the amount posted to the _______.
payables ledger control account
What is the relationship between the postings to individual suppliers’ accounts and the payables ledger control account?
They should equal each other
Is it possible for the amounts posted to individual suppliers’ accounts to not equal the amount posted to the payables ledger control account?
False
How are sales invoices listed in the sales day book
In invoice number sequence so that any missing or duplicate can be spotted.
The receivable ledger is what
The place where all of the individual customer accounts are kept.
The receiveable ledger control account is
Showing the amount owing by all of the credit customers in total
