Accounting for IGCSE & O level - Accounting Procedures (Section 18 - No. 2)
A company receives a debit note from a supplier. How would this be recorded?
Debit the Purchases Ledger Control Account.
Credit the Purchases Ledger Control Account.
Debit the Cash Account.
No effect on the Purchases Ledger Control Account.
Explanation
A debit note reduces the amount owed to the supplier, hence a credit in the Purchases Ledger Control Account.
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