Bookkeeping of a Sole Trader: Ledgers (Grade 10 NSC Matric Accounting): Flashcards
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Definition of creditor
Definition of creditor
Person/business owed money for goods/services bought on credit
Credit column in creditors ledger records
Credit column in creditors ledger records
Increases in amount owed to creditor
Debit column in creditors ledger records
Debit column in creditors ledger records
Decreases in amount owed to creditor
CL in folio number stands for
CL in folio number stands for
Creditors Ledger
Purpose of details column
Purpose of details column
Cross-reference to source documents & transaction details
Folio (Fol) column shows
Folio (Fol) column shows
Which journal the entry came from (e.g., CJ, CAJ, CPJ)
Balance column shows
Balance column shows
Current amount owed to creditor after each transaction
Transactions recorded in credit column
Transactions recorded in credit column
Purchases on credit from Creditors Journal
Transactions recorded in debit column
Transactions recorded in debit column
Payments, returns, and discounts
Are cash purchases recorded in creditors ledger?
Are cash purchases recorded in creditors ledger?
No, only credit purchases