IGCSE Accounting Paper-1: Specimen Questions with Answers 321 - 321 of 338

Question 321

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Short Answer▾

Indicate with a tick where each of the following account would appear in the trial balance. (Marks 3)

Account would appear in the trial balanceAccount would appear in the trial balance
AccountsDebit ColumnCredit Column
Purchases
Sales Return
Commission Received
Rent paid
Capital
Provision for bad debts

Explanation

Account would appear in the trial balanceAccount would appear in the trial balance
AccountsDebit ColumnCredit Column
Purchases
The Image of Right

The Image of Right

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Sales Return
The Image of Right

The Image of Right

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Commission Received
The Image of Right

The Image of Right

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Rent paid
The Image of Right

The Image of Right

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Capital
The Image of Right

The Image of Right

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Provision for bad debts
The Image of Right

The Image of Right

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  • Purchases is an expense so, it has a debit balance.
  • Sales Return reduces sales which has a credit balance. So, sales return has a debit balance.
  • Commission received is an income and Incomes have a credit balance.
  • Rent paid is an expense so, it has a debit balance.
  • Capital is a liability. So it has a credit balance.
  • Provision for bad debts is considered as liability because it reduces assets (receivables) so, it has a credit balance.

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