Ledger Test

Business paid for electricity $660 inclusive GST. Calculate GST.

Study the transactions in this ledger. What is the name of the ledger account?

• GST Credits

• GST Payable

• GST Control

Which side of the ledger would increase an expense?

• Debit

• Credit

Which side of ledger would increase drawings?

• Debit

• Credit

Which side of the ledger would increase capital?

• Debit

• Credit

Which three accounts are balanced (bal c/d and b/d) at the end of the reporting period?

• Income

• Assets

• Expenses

• Equity

• Liabilities

The ledger that is a summary of all income and expenses is the:

• Capital

• Equity

• Profit and Loss

• Income statement

• Balance sheet

Drawings is classified as...

• Expense

• Negative Equity

• Asset

• Liability

Sales Returns ledger is closed to:

• debit side of profit and loss ledger

• credit side of profit and loss ledger

Calculate the balance c/d b/d