By Margaret Nicholson (auth.)

ISBN-10: 0333491564

ISBN-13: 9780333491560

ISBN-10: 1349108537

ISBN-13: 9781349108534

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Private Ledger This ledger will contain the capital account and the drawings account of the proprietor. It may also contain details ofloan accounts. Loans made to the business, and loans made by the business. These accounts are of a confidential nature. Purchases Ledger or Bought Ledger This ledger will contain all the suppliers' personal accounts. Sales Ledger This ledger will contain all the customers' personal accounts. General Ledger or Nominal Ledger This ledger will contain all the remaining real and nominal accounts including the sales account, purchases account, returns inwards account and the returns outwards account.

Lowe Bank Drawings Capital Stock Cr. £ 20,750 13,170 4,972 2,500 1,130 700 1,720 2,800 7,228 2,386 28,678 28,678 During the month of May the following transactions took place: May May May May May 1 2 18 20 26 Bought goods on credit from T. Lowe (£85). Sold goods on credit to K. Gibson (£105). Banked cash sales (£400). K. Gibson paid £680 by cheque in part settlement of his account. Paid general expenses by cheque (£97). Sent a cheque value £300 toT. Lowe in part settlement of his account. May 28 Paid general expenses by cheque (£275).

Kendall. 30 Paid Lockwood Motors £950 by cheque. 45 7 The Trial Balance OBJECTIVES To enable students to understand the function and purpose of a trial balance, and to recognise that the trial balance is only a proof of the arithmetical accuracy of the books. The principle of the double entry system states that every debit entry should have a corresponding credit entry. Two separate accounts are involved in every transaction, one account recording the debit entry, the other account recording the credit entry.

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Accounting Skills by Margaret Nicholson (auth.)

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