Accounting for IGCSE & O level - Accounting Procedures (Section 10 - No. 25)
What is the correct entry if the repairs were entered into the premises account?
Debit £240 in repairs account and credit premises account
Debit £240 in premises account and credit repairs account
Debit £240 in repairs account and credit capital
Debit £240 in premises account and credit capital
Explanation
Repairs account should be debited and premises account should be credited.
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