1. Every transaction affects at least TWO accounts.
2. There must be at least one debit
and one credit.
3. The
total debit must be equal to the total credit.
4. The particulars in one account refer to the
name of the other account in which the double entry is recorded.
We will now use the double-entry procedure to record a few
transactions. Before we start, it will be helpful to analyze the transactions
carefully.
Homework for S3C, S3B and S2B
EXERCISE
| No | Question | Debit | Credit |
|---|---|---|---|
| 1 | Purchased pen and paper by cash | Printing and Stationery | Cash at Hand |
| 2 | Bought a lorry by cash | ||
| 3 | Sold goods to cash customers | ||
| 4 | Bought goods from supplier Jim on credit | ||
| 5 | Discount given by supplier Jim | ||
| 6 | Return goods to supplier Jim | ||
| 7 | Paid cheque to Jim for amount owed to him | ||
| 8 | Sold goods to customer Tina on credit | ||
| 9 | Discount given to Tina | ||
| 10 | Tina paid amount owed by cash | ||
| 11 | Owner brought in his own car as an asset for the business | ||
| 12 | Owner took out cash from business's bank account to pay for his own rent |
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