31 questions in Double-entry bookkeeping at Form 3 · JCE
Most triedMost missedNewest- 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.
- Mr Mariba buys and sells shoes. He gave one pair to his wife to use. State how this transaction will be recorded in Mr Mariba's ledger.
- Below is an extract of Katso's account in the books of Tefo.
- A business bought office furniture on credit from James Mart. Complete the table to show the effect of the transaction on assets and liabilities of t…
- State the importance of balancing off accounts.
- Describe the nature of a credit transaction.
- Complete the table to show two differences between bookkeeping and accounting.
- What type of account is a machinery account?
- 2018 October 10: Joyce returned goods worth P300 to Koi (Pty) Ltd.
- Thato is a trader. 2018 July 2: bought goods on credit from Thabang Wholesalers worth P500. July 3: Thato took goods worth P60 for personal use. Desc…
- Complete the table by stating two differences between a trading business and a service business.
- The accounts shown below appear in Thuto's ledger: Cash Account, Chochos Wholesalers Account, Discount Received Account. Which of these accounts is a…
- Explain why a wages account is classified as a nominal account.
- Thuso bought a bicycle on credit from Mpha Wholesalers for P900. State which account is to be debited and which one is to be credited in Thuso's book…
- On 1 June Lesedi started a business with P20 000 in the bank. On 3 June she bought a computer for P8 000 by cheque.
- Which of these shows the accounting equation?
- A business has assets of P25 000 and liabilities of P8 000. What is its capital?
- Under the double entry rule, an increase in a liability is recorded on the …
- The owner pays P5 000 of her own money into the business bank account. Which entry is correct?
- Goods are sold on credit to Kagiso for P800. Which entry is correct in the seller's books?
- Which of these is a nominal account?
- Which of these is a personal account?
- On 3 March 2024 Lesedi Stores bought goods for resale on credit from Moremi Wholesalers for P2 400.
Page 1 of 2Next