Accounts Notes

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Accounts Notes

Accounts Notes
Double Entry
Example 1
Transactions
Debit (In)
Credit (Out)
Bought goods for resale for cash
Purchases
Cash
Sold goods for cash
Cash
Sales
Paid cash into bank
Bank
Cash
Sold goods and received cheque
Bank
Sales
Bought goods and paid by cheque
Purchases
Bank

Example 2
Transactions
Debit
Credit
Bought goods on credit from M.Mizzi
Purchases
M.Mizzi
Paid M.Mizzi in cash one week later
M.Mizzi
Cash
Sold goods on credit to S.Said
S.Said
Sales
S.Said paid by cheque
Bank
S.Said

Example 3
Date
Transactions
Debit
Credit
Jan 1
Mr. Jones started business with €1000 cash
Cash
€1000
Capital
€1000
Jan 2
Deposited half of the amount in a bank account
Bank
€500
Cash
€500
Jan 4
Bought goods on credit from T.Sultana for €250
Purchases
€250
T.Sultana
€250
Jan 6
Bought goods for cash €100
Purchases
€100
Cash
€100
Jan 10
Paid T.Sultana by cheque
Sultana
€250
Bank
€250
Jan 12
Sold goods for cash €300
Cash
€300
Sales
€300
Jan 17
Sold goods on credit to A.Agius €600
A.Agius
€600
Sales
€600
Jan 20
Paid rent in cash €50
Rent
€50
Cash
€50
Jan 27
Paid insurance by cheque €75
Insurance
€75
Bank
€75

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