REMEDIAL QUIZ 1 BASIC DOUBLE ENTRIES

Buy GOODS and paid in CASH.

• inv +/ Cash in hand -

• Inv -/ Cash in hand -

Buy GOODS on CREDIT

• Inv -/ TP -

• Inv +/ TP +

SOLD goods and received CASH.

• Inv -/ COS + & Sales rev +/ Cash in hand -

• Inv -/ COS + & Sales rev +/ Cash in hand +

SOLD goods on CREDIT

• Inv -/ COS + & Sales rev +/ Cash in hand +

• Inv -/ COS + & Sales rev +/ TR +

Pay cheque to TP.

• CAB -/ TP +

• CAB -/ TP -

Received cheque from TR.

• CAB +/ TR +

• CAB +/ TR -

Bought motor vehicle on credit.

• MV +/ TP -

• MV +/ TP +

Owner contributed into business bank account.

• CAB +/ Capital -

• CAB -/ Capital +

• CAB +/ Capital +

Owner TOOK OUT good from business for OWN use.

• Inv -/ Drawings -

• Inv -/ Drawings +

Returned GOODS to TP.

• Inv +/ TP +

• Inv -/ TP -

• Inv -/ TP +