Which side for purchases/sales.. Level 2

Options
Camilla91
Camilla91 Registered Posts: 2 New contributor 🐸
in General discussion
This sounds SO silly but I keep forgetting which side purchases/sales go on the ledgers!
and when I do , I forget to swap them at the bottom on the Debtors/Creditors control...

HELP
Does anyone have a fool proof way of remembering this?! Im hoping its just because im new that im struggling to remember this information!

Comments

  • sjtoomer
    sjtoomer Registered Posts: 63 Regular contributor ⭐
    Options
    You need to remember 'DEAD CLIC'. 'Dr increases Expenses Assets Drawings' and 'Cr increases Liabilities Income Capital'. Purchases are Expenses (Dr), Sales are Income (Cr). SLCA is an Asset and PLCA is a Liability.

    You may want to purchase the Kaplan learning materials for the Book-Keeping Transactions module, which explains these basic concepts.

Categories

Privacy Policy