ECZ Accounts Past Paper 2 2016.Q2 A and B

Описание:  Sales ledger: This is for customers’ personal accounts.  Purchases ledger: This is for suppliers’ personal accounts.  General ledger: This contains the remaining double entry accounts, such as those relating to expenses, non-current assets, and capital.
They are two types of accounts namely the personal accounts and impersonal accounts. Impersonal accounts are sub-divided into real and nominal accounts.  Personal accounts- these are debtors and creditors which includes customers and suppliers.  Impersonal accounts- divided into real accounts and nominal accounts: A. Real accounts- accounts in which possessions are recorded. Examples are building, machinery, fixtures and inventory. B. Nominal accounts- accounts in which expenses, income and capital are recorded.
Discount is an allowance provided to customers in specific circumstances. In business, there are two main types of discounts namely trade discounts and cash discounts. While trade discount is the reduction in the list price of account, whereas cash discount is offered by the firms to its customers to encourage early payments. The main difference between trade discount and cash discount is that a separate ledger account for discount allowed is opened in the books of the seller and discount received in the books of the buyer for a cash discount, but no such account is created in the case of a trade discount.
ECZ Accounts Past Paper 2 2016.Q1(a)
https://www.youtube.com/watch?v=VBphf...
ECZ Accounts Past Paper 2 2016. Q1(b)
https://www.youtube.com/watch?v=ADHZR...
ECZ Accounts Past Paper 2 2016.Q1(c). The Trial Balance
https://www.youtube.com/watch?v=jNacT...
ECZ Accounts Past Paper 2 2016.Q1(d). The Sales Day Book
   • ECZ Accounts Past Paper 2 2016.Q1(d). The ...  
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