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Debtors Ledger help

  • 07-11-2014 9:15pm
    #1
    Cian__
    Registered Users Posts: 15 ✭


    Hi everyone,

    I'm doing my Accounting Case Study for college, and I'm onto the Debtors Ledgers.

    In the debtors T-Account; Sales Returns and Payments from the debtor to the business would go on the Credit side right?

    What about Discounts Allowed? I'm absolutely useless at accounting, so I have no idea which side Discounts Allowed goes onto, and if it even goes into that account at all.


Comments

  • #2
    Smartguy
    Closed Accounts Posts: 214 ✭✭Smartguy


    Credit


  • #3
    rabbit123
    Registered Users, Registered Users 2 Posts: 25 ✭rabbit123


    For Debtor's ledger learn this simple rule.

    Everything that will increase debtor's balance (debtors owe you more than they did in the past) will be debited. For example credit sales

    Everything that will decrease debtor's balance (debtors owe you less than they did in the past) will be credited. For example payments by debtors, discount allowed, sales returns, bad debts etc.

    Hope this makes sense.


  • #4
    Cian__
    Registered Users Posts: 15 ✭Cian__


    rabbit123 wrote: »
    For Debtor's ledger learn this simple rule.

    Everything that will increase debtor's balance (debtors owe you more than they did in the past) will be debited. For example credit sales

    Everything that will decrease debtor's balance (debtors owe you less than they did in the past) will be credited. For example payments by debtors, discount allowed, sales returns, bad debts etc.

    Hope this makes sense.

    Aah thankyou! That makes sense.

    I'm completely struggling with accounting (thankfully I only have to do it for another 2 weeks) but that rule will definitely help me out!

    I'm guessing it's just the complete opposite with creditor accounts?


  • #5
    rabbit123
    Registered Users, Registered Users 2 Posts: 25 ✭rabbit123


    Cian__ wrote: »
    Aah thankyou! That makes sense.

    I'm completely struggling with accounting (thankfully I only have to do it for another 2 weeks) but that rule will definitely help me out!

    I'm guessing it's just the complete opposite with creditor accounts?

    Yes. and examples will change accordingly as well.


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