On 1 June 2016, R - Junior Cycle Business Studies - Question 6 - 2016
Question 6
On 1 June 2016, R. Keane sold goods on credit to J. McCarthy for €2,600. There was no VAT on these goods.
Complete the ledger accounts of R. Keane showing the names... show full transcript
Worked Solution & Example Answer:On 1 June 2016, R - Junior Cycle Business Studies - Question 6 - 2016
Step 1
(ii) J. McCarthy
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Answer
This entry reflects the sale made on credit to J. McCarthy. In the account of J. McCarthy, we record the sale as follows:
Date
Details
€
2016 June 1
Sales
2,600
Step 2
(iv) Sales
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Answer
In the Sales account, we need to indicate the sum received from J. McCarthy:
Date
Details
€
2016 June 1
J. McCarthy (Debtor)
2,600
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