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WorksheetsLedger Test
Total questions: 16
Worksheet time: 20mins
Business paid for electricity $660 inclusive GST. Calculate GST.
(a)
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
(a)
The date of the balance b/d is:
31 January
1 February
Purchased inventory on credit $2,900 + $290 GST = $3,190. Choose the correct ledgers for this transaction.
Returned damaged inventory to creditor $60 + $6 GST write back = $66. Choose the correct ledgers for this transaction.
Sold good on credit $700 + $70 GST = $770. Cost of good sold is $350. Choose the correct ledgers for this transaction.
Debtor returned damage goods $77 + $7 GST write back = $77. Cost of good sold is $35. Choose the INCORRECT ledger for this transaction.
Select the accounts that are on the wrong side of the trial balance.
Computer
Drawings
GST Credits
GST Payable
Loan
