What is the name of the document that summaries the customer's transactions for the month?
Statement of account
15
On 1 June, Samir sold goods on credit to Faisal. Some of the goods were returned on 8 June. In what order would Samir and Faisal exchange documents in June?
Invoice, Debit Note, Credit Note
25
What is the purpose of debit note?
To request for reduction in invoice
15
What is the purpose of having trade discount?
Buying in Bulk
20
What is the purpose of having cash discount?
paid within a stated time
20
Mark transferred his private motor vehicle to his business. How did he record this?