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I have some questions from BPP exam kit questions.
1. How is the total of sales day book reocorded in the nominal ledger?
2. Do sales/purchases day book only record the sales/purchases on credit?
3. What is included in the debit balances in the trial balance?
4. Why is machinery not included in the current assets?
Thank you very much for your help!
1. Debit receivables; credit sales
2. Yes
3. Assets and expenses
4. Because they are non-current. They are expected to last for more than a year.
I do suggest that you watch my free lectures – they are a complete free course for Paper F3 and cover everything needed to be able to pass the exam well.
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