Brain Dead Moment .. could someone help ? :)

System
System Posts: 100,534 🤖 Admin 🤖
edited 10:32AM in AAT student discussion
Despite passing both my exams (shock horror!) I'm now playing catch up on my short tests (studying by distance learning) so I can sit both my Skills Test. However I think I may have over done it today as now I'm getting a bit confused, over a really simple journal entry.

Ive worked out the sales figure (£18000), but the question says to say assume all the reciepts have been banked with the exception of £5000 which he has taken for drawings.

How would I show this in the Debtors Cont. account ?

Would it be

DR : Debtors Control 18k
CR : Bank 13k
CR : Drawings 5k

My brain seems to keep saying that I'm missing an entry somewhere. Have I missed out a journal somewhere or is it correct ?

Thanks for your help and I'm sorry if this seems a very basic question :roll:

Comments

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Brain Dead Moment .. could someone help ? :)

    Hi,

    If the receipts paid into Bank were against 'cash sales' then I think the journal would be;

    Dr Bank 13k
    Dr Drawings 5k
    Cr Sales 18k

    If the receipts were against 'credit sales' then;

    Dr Bank 13k
    Dr Drawings 5k
    Cr Debtors Control 18k

    Is this ok?
    :?
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Brain Dead Moment .. could someone help ? :)

    Your last journal was right,(credit sales) from looking at yours I was nearly there just had it the wrong way round !! :oops:

    That's a sign I've been at it too long today. I can't believe I got something as simple as that wrong ! :oops:

    Thank you for helping me out :)

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