Mark transferred his private motor vehicle to his business. How did he record this?
Dr motor vehicle Cr Capital
What is the name of the document that summaries the customer's transactions for the month?
Statement of account
What is the purpose of having trade discount?
Buying in Bulk
What is the purpose of having cash discount?
paid within a stated time
Sold on credit to James. State the double entry.
Dr James Cr Sales
What is the purpose of credit note?
Records goods returned to a supplier
What is the purpose of debit note?
To request for reduction in invoice
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
What is the purpose of the purchases journal?
Records goods bought on credit