Some of the debit entries and that of the credit entries are pinpointed thus: Debit side (Dr.) Credit side (Cr.) i) Debit: balance (bal bld) i) Credit: Opening credit balance (Bal bld) ii) Sales made during the period ii) Cash received from debtors during the period. iii) Dishonoured cheques and bills iii) Discount allowed. iv) …
This aspect of account is debited with the sum of all the items that have been debited in detail to individual personal accounts in the said sales ledger control account and on the other, side of it credited with the sum of all the items that have been credited to such accounts. The balance of …
This aspect of accounts is included in the book-keeping to correct possible errors, which may occur in the process of entries. It is usually referred to as “Total Account” or “Adjustment accounts”. The name total applies because the sums of entries are made in the individual accounts of thing, values, objects and persons. A total …
From time to time, the owners of business will require all information of the details of amounts paid into or withdrawn from the bank’s records and as well the information -as to the state of bank account, for this result, therefore, the bank supplies a passbook or statement of the account. This sometimes takes the …
In one of the previous chapters, the cash account was treated and in the chapter, receipts and payments in cash only are involved. We have also to consider the entries required whenever cheques also are used as one of the means of payment. Even though the cash and bank accounts are ledger accounts and so …
Here, the double entry book-keeping requires two books for it to carry out operation effectively. Those books are the journal and the ledger. Journal is defined as a book that contains private records of events as they occur day in and day out A journal performs so many functions as thus: (i) It serves as …