Bookkeeping Transactions

Which one of the following are the correct general ledger entries for a discounts received transaction?

• Debit payables ledger control; Credit discounts received, credit VAT

• Debit discounts received, debit VAT; Credit payables ledger control

• Debit discounts received; Credit payables ledger, Credit VAT

Which of the following must be checked and authorised for payment before a supplier payment can be prepared by a business which has received goods on credit terms?

• Delivery note

• Supplier Invoice

• Remittance Advice

What is a remittance advice used for?

• To request a payment when returning goods

• Instead of a cheque when paying a supplier

• To accompany a cheque when paying a supplier

When do you use balance b/d rather than balance b/f

• Product code

• Statement of account

• General ledger

• Invoice

If I am charged £34.86 in VAT, how much would the gross amount be on the statement of account?

• 174.30

• 209.16

• 34.86

• 69.52

If I have 6 customers, 2 of which have received invoices of £68.72 + VAT, and 2 others have received invoices of £567.98 + VAT and the other 2 have received invoices of £3.54 + VAT what is the total on the receivables ledger control account?

• 1,536.57

• 1,229.26

• 1,638.72

• 1,345.88

When receiving a discount, which current account would you debit?

• Payables ledger control

• VAT

• Discounts received

• Purchase returns

When sending a remittance to a supplier, what would our reference be?

• Date

• Invoice number

• Purchase order number

• Credit note number

You receive an invoice for net amount £384. You pay the invoice within 7 days entitling you to a 2.5% PPD. How much is the discount worth?

• 460.80

• 11.52

• 499.28

• 11.25