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Fundamentals of financial accounting

3.3 Which of the following items appear on the same side of the trial balance?

A Drawings and accruals

B Carriage outwards and prepayments

C Carriage inwards and rental income

D Opening inventory and purchase returns

CHAPTER 4 – FROM TRIAL BALANCE TO FINANCIAL
STATEMENTS

4.1 EFG have an account in its nominal ledger for HIJ which has a debit balance of
$510.

Drag and drop words from the list available to complete the following
statement.

__________ owes __________ $510. In the ledgers of HIJ this would represent
__________ balance.

Available words:

EFG / HIJ / an asset / a liability

4.2 On the 1st of January XYZ had a customer, DEF, who owed $950. During
January, DEF bought goods for $200 from XYZ, and returned goods valued at
$175. DEF also paid $400 cash to XYZ.

Drag and drop words from the list available to complete the following
statement.

At 31st January XYZ’s ledger accounts included a __________ balance for DEF
of $ __________. This represents __________ to XYZ.

Available words:

debit / credit / an asset / a liability / 575 / 1505 / 745

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