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persons/parties, who owe money from the business.

Business partner

Debtor

Customer

Creditors

Creditors are ——-

Fixed Assets

Current Assets

Long term Assets

Current liabilities

At times, we receive discounts from our creditors. This discount is either treated as income of the business or as a reduction in the cost of

Income

Balance

Stock

Returned

When an expense or other payable is accrued it is

current liability

Assets

Income

current assets

———— is made when it is known that an expense will arise but the exact amount is not known.

Accrual

Provision

Reserves

Good will

Accounting Treatment of Provision

Relevant Expense Account (Dr) Provisions (Cr)

cash (Dr) Provisions (Cr)

Account payable (Dr) Provisions (Cr)

Provisions (Dr) Relevant Expense Account (Cr)

Debtors is also called

Provisions

Stock

Receivables

none of them

Receivables are the ———-

current assets

Fixed assets

long term assets

all of above

When a debtor does not pay the amount due to him, it is said

Provision

Accrual

Debt

Bad Debts

Bad Debts charged to the

Profit & loss

Cost of goods

Capital

Drawings

Recording of Bad Debts

Bad Debts (Dr) Debtors a/c (Cr)

Drawings (Dr) Debtors a/c (Cr)

Bad Debts (Dr) Drawings (Dr)

Debtors a/c(Dr) Bad Debts (Cr)

Debtors 100,000 Provision for Bad Debts 5,000 so the net receivable income is

100000

105000

95000

none of them

Provision for bad debts is also ——— deboters

add

less

save

recorded

Debtors are 15000 and the provision is 37% calculate net Debtors

15000

9400

11000

9450

which one of them is current asset

cash

land

bill paid

advance income

Sales Ledger Control Account is also called

Debtors Control Account

Creditors Control Account

—

—

In General Ledger one account is kept for all the ——– Creditors Control Account.

Debtors Control Account,

Creditors Control Account.

–

—

List of debtors balances drawn up to the end of previous period is ——–

Opening balance of debtors

Opening balance of account payable

Closing Balance of debtors

none of these

Opening balance of recorded on the ———- side of Debtors Control Accounts

Dr

Cr

–

–

Credit Sales ———- the debtors balance

equal to

decrease

no effect on

increase

Sales Return means

customer returned the goods

Supplier returned the goods

Store returned the goods

all of these

Cheques/Cash Received from the customer —— the debter balance

increased

no affect

decreased

A & C

Which is the simple formula of calculating closing balance of deboter

Opening balance + Credit Sales +(Sales Return + Cheques/Cash Received)=

Opening balance + Credit Sales – (Sales Return – Cheques/Cash Received)=

Opening balance – Credit Sales – (Sales Return + Cheques/Cash Received)=

Opening balance + Credit Sales – (Sales Return + Cheques/Cash Received)=

List of creditors balances drawn up to the end of previous period is ———— balance of creditor for this year

Closing

Opening

–

Credit Purchases shown on the ———– side of Creditors Control Accounts

Right

Dr

Cr

A & C

Cheques/Cash Paid — the creditor balance

increase

decrease

—

—

The formula for calculating closing balance of creditor is

Opening balance + Credit Purchases – (Purchase Return- Cheques/Cash Paid)

Opening balance – Credit Purchases – (Purchase Return + Cheques/Cash Paid)

Opening balance + Credit Purchases + (Purchase Return + Cheques/Cash Paid)

Opening balance + Credit Purchases – (Purchase Return + Cheques/Cash Paid)

calculate closing balance of deboter Opening Balance 50000 cash received 70000 Opening balance 30000 sale returned 2000

72000

80000

8000

32000

Prepare a Creditors Control Account from the following data Opening Balance 40000 Purchase Return 6000 Cheques and Cash paid 34000 Discounts received 2000 Total Credit Purchases 32,000

32000

72000

3000

30000

Discounts received shown on———— of Creditors Control Account

Dr

Cr

–

–

A number of books are opened in connection with control accounts to reduce the volume of general ledger these books are called

Purchase book

Sales book

Subsidiary Books

A & C

Sale return is recorded on the —— of Debtors control Account

Debit Side

Credit Side

–

—

Discounts allowed is ——

Income

Good will

Asset

Expense

In Debtors control Account the Debit Side is greater then—-

Debtors control Account

Credit Sales

Credit Side

Cheques and Cash received

Debtor 45,000, amount received ——- closing balance is 19825

25175

21752

25751

22751

Individual purchases are recorded in ——

Purchase Journal / Purchase Day Book

Purchase Return / Return outward Journal

Creditors Ledger

all of these

——– ledger maintains record of individual creditors

Purchase Journal / Purchase Day Book

Purchase Return / Return outward Journal

Creditors Ledger

none of these

Purchase Return is recorded on the ——- side of creditor control account.

Cr

Dr

–

–

Bad Debts are ——- expenses

General

Financial

Selling

Administration

When the Provision for Bad Debts increases Debtors

increased

decreases

remain constant

none of these

Individual invoice wise sales are recorded in this Journal. This book serves as source for all the recording of Credit sales.

Sales Return / Return Inward

Sales Journal / Sales Day Book

Debtors Ledger

none of above