Trade payables
Presentation
•
Business, Other
•
9th - 10th Grade
•
Easy
Divyalakshmi Saminathan
Used 22+ times
FREE Resource
6 Slides • 14 Questions
1
Chapter 12
2
Get ready for the quiz....
3
Multiple Choice
Trade Payable is the______?
amount owing to customers
amount owing to suppliers
amount owing to banks
amount owing to business
4
Multiple Choice
Trade payable is amount owing to suppliers when businesses_______
buys goods only on credit
spend on expenses only on credit
buy goods and non-current assets on credit
receive income on credit
5
Multiple Choice
Trade payable is a ______
current asset
non-current asset
current liability
non-current liability
6
Multiple Choice
Trade payable account is _______?
DR in nature
CR in nature
7
Multiple Choice
Trade payable is recorded in the ______
statement of financial performance
statement of financial position
8
Multiple Choice
Buying goods and non-current asset on credit means______
payment has been made immediately.
payment is made at a later date.
payment is made in advance.
9
Multiple Choice
Trade payable account increases when_______
Cash Discount is given by credit suppliers
payment is made to credit suppliers
goods and non-current assets are returned
goods and non-current assets are purchased on credit
10
Multiple Choice
Goods are bought on credit from supplier.
DR Trade payable CR Inventory
DR Inventory
CR Trade payable
DR Trade receivable
CR Sales revenue
DR Trade payable
CR Sales revenue
11
Multiple Choice
Non-current assets are bought on credit from supplier.
DR Trade payable CR Inventory
DR Non-current asset
CR Trade payable
DR Trade receivable
CR Non-current asset
DR Trade payable
CR Non-current asset
12
Multiple Choice
Goods are returned to credit supplier
DR Trade payable CR Inventory
DR Inventory
CR Trade payable
DR Trade receivable
CR Sales revenue
DR Trade payable
CR Sales revenue
13
Multiple Choice
Payment by cheque is made to credit supplier.
DR Trade payable CR Inventory
DR Inventory
CR Cash at bank
DR Cash at bank
CR Trade payable
DR Trade payable
CR Cash at bank
14
Let's recap
15
Trade discount is a reduction off a list price
given at the point of purchase/sales.
not recorded in the ledger.
E.g. Bought goods costing $300 on credit from supplier. A trade discount of 10% was given by supplier.
DR Inventory (+A) 270
CR Trade payable (90% x 300) (+L) 270
16
Open Ended
Purchased goods on credit at a list price of $500 less a 10% trade discount.
(Please write in a single line: DR .___ XX CR ___ XX)
17
Cash discount is a reduction off a invoiced amount (amount owing)
given upon payment made (promptly)
is recorded in the ledger as
- discount allowed (credit sales)
- discount received (credit purchase)
18
E.g. The business owes the supplier $500.
Business issued a cheque to pay credit supplier amount owing of less 10% cash discount.
DR Trade payable (-L) 50
CR Discount received (10% x 500) (+I) 50
DR Trade payable (-L) 450
CR Cash at bank (90% x 500) (-A) 450
19
Open Ended
Paid credit supplier by cheque for amount owing of $1000 less 10% cash discount.
(Single line/continuously): DR .___ XX CR ___ XX DR____ CR_____)
20
Open Ended
Paid supplier $250 by cheque as a full settlement of amount owing $260.
(Single line/continuously): DR .___ XX CR ___ XX DR____ CR_____)
Chapter 12
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