Accounts - Principles of Accounts Past Questions and Answers

Using LIFO method of stock valuation, analyze the issue quantities and their prices

CR. DR.
Sales ledger balance 9, 500
Sales ledger balance 420
Bought ledgers balance 6, 115
Bought ledger balance 350
Credit sales 82, 000
Purchases journal 54, 700
Discount allowed 450
Discount received 200
Cash refunded to customers (debtors) 120
Purchases ledger balance 250
Sales ledger balance 120
The amount brought down in the sales ledger control account would be

The ledger entries to be made if cash sales is banked is debit

In a bank reconciliation statement, Dishonoured cheques is added to

Which of the following is a debit entry in debtors control account?