Accounting and Finance

the customer owes the supplier $8 000

the customer has paid the supplier $8 000

the supplier has paid $8 000

the supplier owes $8 000

Cash book

General journal

Purchases journal

Sales journal

to apply the dual aspect concept

to avoid errors

to prepare books of prime entry accurately

to record revenue and capital transactions correctly

a balance sheet

a cash or bank account

an income and expenditure account

an income statement

carriage inward on raw materials

carriage outwards

factory power

factory rent and rates

4 times

6 times

8 times

10 times

credit purchases account $50; debit purchase returns account $50

credit suspense account $50, debit purchase returns account $50

debit purchases account $50; credit purchase returns account $50

debit suspense account $50, credit purchase returns account $50

$1 200

$1 800

$4 800

$22 800

closing inventory under valued

opening inventory omitted from the cost of sales

purchases recorded before deduction of trade discount

sales invoices omitted from the sales journal

equally

equally after interest has been allowed on capital

in proportion to the amount of time that the partners work

in the ratio of the partners’ individual capitals