Ledgers

Where are the personal accounts of customers who buy goods on credit found?

• Purchases Day Book

• Trade Receivable ledger

• Sales Day Book

• Trade Payables ledger

Ali receives a cheque from Hassan, Trade Receivable, in payment for goods purchased by Hassan on credit.

Where will Ali enter this payment?

• cash book and Trade Receivables ledger

• cash book and Trade Payables ledger

• general ledger and Trade Receivables ledger

• general ledger and Trade Payables ledger

Where are suppliers’ accounts found in a trader’s accounting records?

• purchases Day Book

• Trade Payables ledger

• sales day book

• trade receivables ledger

Which account is contained in the Trade Receivables ledger?

• customer’s account

• sales account

• sales returns account

• supplier’s account

Where are the personal accounts of trade customers found?

• purchases day book

• trade payables ledger

• sales day book

• trade receivables ledger

Which transaction will be recorded in both the general ledger and the trade receivables ledger?

• cash paid for goods for resale

• cash paid for office stationery

• return of goods by a customer

• return of goods to a supplier