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Zorluk: ZorLedger Classification and Double Entry Rules

A business firm returned a defective delivery van previously purchased on credit from Apex Motors Ltd. How should this transaction be posted to the ledger, and what are the correct classifications of the affected accounts?

  1. A
    Debit Returns Outwards Account (Nominal Account) and credit Apex Motors Ltd Account (Personal Account)
  2. Debit Apex Motors Ltd Account (Personal Account) and credit Delivery Vans Account (Real Account)Cevap
  3. C
    Debit Apex Motors Ltd Account (Personal Account) and credit Returns Outwards Account (Nominal Account)
  4. D
    Debit Delivery Vans Account (Real Account) and credit Apex Motors Ltd Account (Personal Account)

Cevap

Debit Apex Motors Ltd Account (Personal Account) and credit Delivery Vans Account (Real Account)
When a non-current asset such as a delivery van is returned to a supplier, the supplier's account (Apex Motors Ltd, a Personal Account) is debited because the liability owed to them decreases. The Delivery Vans Account (a Real Account representing tangible business property) is credited because the asset value decreases. Returns Outwards is used only for merchandise goods purchased for resale.

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1
Identify the specific accounts affected by the transaction.
The accounts involved are Apex Motors Ltd Account and Delivery Vans Account.
The transaction involves returning a non-current asset (delivery van) to the creditor from whom it was bought on credit.
2
Classify each affected account into personal, real, or nominal categories.
Apex Motors Ltd is a Personal Account (creditor/person); Delivery Vans Account is a Real Account (property/tangible asset).
Personal accounts relate to individuals and corporate bodies, while real accounts represent tangible property and assets.
3
Apply double entry posting rules to determine debit and credit sides.
Debit Apex Motors Ltd Account (to reduce liability); credit Delivery Vans Account (to reduce asset value).
Under double entry rules, debit the receiver (or decrease in liability) and credit what goes out (or decrease in asset). Returns Outwards is not used because the item returned is a fixed asset, not trading inventory.

Anahtar Kavram

Double Entry Rules for Fixed Asset Returns and Account Classification
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Konular

Ledger Classification and Double Entry Rules

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