Commerce and Accounting · JCE / Double-entry bookkeeping
Multiple choiceExerciseForm 3 · JCE
Under the double entry rule, an increase in a liability is recorded on the …
Source: Thuto360 JCE practice
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- Name an accounting concept which states that the financial affairs of a business should be separated from the financial affairs of the owner.
- Complete the table using the words debit or credit to show the double entry rule for assets.
- James bought a motor van on credit from XYZ Motors for P50 000 on 31 June 2020. Describe how this transaction is recorded in the books of James.
- Bame, a trader, had Assets P1 000, Liabilities P700 and Capital P300 on 30 September 2020. On 1 October, Bame paid a creditor P200 by cash. Complete …
- A business received rent of P1 500 cash on 2 May 2020. Describe how this transaction is recorded in the business books.
- Name an account that can have either a debit or a credit balance.
- State a column in a ledger account which indicates where the double entry for a transaction can be found.
- Lebitso sent an invoice to Jim for goods sold on credit. Lebitso is a creditor while Jim is a debtor.