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Csec Principles of Accounts

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CSEC: May 2012 question#1

2/19/2018

3 Comments

 
No. 1(a): Correction of Trial Balance:
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No. 1(b) (i): Posting transactions to and balancing of U. Plumber’s personal account:
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 No. 1(b) (ii): Preparation of Debtor’s Control Account and any other general ledger account:
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 Note: Any ONE of the following general ledger accounts could have been presented:
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3 Comments
bleep
10/26/2020 10:35:01 am

why is carriage inward and outward both debits ?

Reply
Krystal
2/24/2021 06:59:04 pm

Hi Bleep,

Carriage inwards and carriage outwards both carry debit balances in the Trial Balance because they are both expenses.

It is easy to confuse these with return inwards and return outwards which tracks the actual movement of stock and thus carry a debit and credit balance respectively.

I hope this helps to clear things up!

Reply
lisa
6/22/2021 03:25:17 pm

how come is sales CR and returns inwards is DR in U. Plumber account and in the debtors control account?




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    The author holds a Bsc (Hons) Degree in Applied Accounting from Oxford Brookes University, England and enjoys a successful career as an Accounting Supervisor and a private tutor.

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