I did Bad Debts, Bounced Cheque and Contra, I assumed it was 1 mark for each correction? Although I flunked that paper so I was shooting in the dark for the whole thing.

(edited 7 years ago)

Reply 64

Yosab

was really hoping a full balance sheet or income statement would come up 😩

Reply 65

Megan2013

oh no

i ticked 3rd for both! what entries should have been in the general journal?

Reply 66

TheLifeOfPablo

Was it a sales ledger or purchase ledger you had to do for the "trade receivables" question I think it was question 3

Reply 67

Saint150

I put the the receivable accounts I put the title as sales and put all the recievble amounts in the Dr and in the credit I put the discount recieved for both of the receivable's

In the sales account I put the individual sales and the bank for each person in the Dr side and discount allowed on the credit

In the sales return I put all returns out in Dr side

What do you think?

Reply 68

James6804

Wait what definitions??....

Reply 69

Muhammad_AK

Sales returns should be on credit

Reply 70

James6804

Original post by Muhammad_AK

Sales returns should be on credit

I swear its Debit. opposite of sales

Reply 71

LucyColt

Original post by alhrona

Lucycolt i thought that but it does not say they corrected it , it just says the manager apoligised thats it

That's what I thought so I didn't know whether to correct it in the bank Rec bit or not! That really confused me!

Reply 72

HUSSAIHA15

Original post by Muhammad_AK

Sales returns should be on credit

Agreed. Along with returned chequ and discount allowed

Reply 73

HUSSAIHA15

Original post by James6804

I swear its Debit. opposite of sales

It would be debited in the sales return account.as we are doing it from the receivables POV it will be credited as it is an income for them

Reply 74

Muhammad_AK

Original post by James6804

I swear its Debit. opposite of sales

On the sales account, Sales and dishonoured cheque is on debit,.
Sales returns account, all sales returns were on credit, no debit entries should of been made.