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Starter Debit or Credit?. Account to be debited Account to be credited Bought a computer on credit from C.Ure Ltd The proprietor (owner) paid a creditor,

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Presentation on theme: "Starter Debit or Credit?. Account to be debited Account to be credited Bought a computer on credit from C.Ure Ltd The proprietor (owner) paid a creditor,"— Presentation transcript:

1 Starter Debit or Credit?

2 Account to be debited Account to be credited Bought a computer on credit from C.Ure Ltd The proprietor (owner) paid a creditor, P.Took from his private funds A debtor, J.Pike paid us by cheque Repaid part of a loan from J.Syme in cash Returned the computer to C.Ure Lts A debtor, F.Wilson pays us by cheque Bought a car on credit from Wiley Motors

3 Account to be debitedAccount to be credited Bought a computer on credit from C.Ure Ltd Computer a/c (equipment a/c) C.Ure a/c The proprietor (owner) paid a creditor, P.Took from his private funds P.Took a/cCapital a/c A debtor, J.Pike paid us by cheque Bank a/cJ.Pike a/c Repaid part of a loan from J.Syme in cash J.Syme a/cCash / Bank a/c Returned the computer to C.Ure Lts C.Ure a/cComputer / equipment a/c A debtor, F.Wilson pays us by cheque Bank a/cf.wilson a/c Bought a car on credit from Wiley Motors Car a/cWiley motors a/c

4 Returns inwards Debit the suppliers a/c Credit the returns outwards a/c Returns outwards Debit the returns inwards a/c Credit the suppliers a/c


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