Accounting Rules:

A:
Dr. Receiver
Cr. Giver

B:
Dr. Expenses and Losses
Cr. Profits and Gains

C:
Dr. What comes in
Cr. What goes out

Receive Purchase Ledger and Sales Ledger invoices.

Log on to the system

a) (In Purchase Ledger) - Buying

Dr. P&L account /Purchases(0733 – Elec)
Cr. Creditor (3111 or individual creditor like James and Reed/ABC Co. Ltd
-8070)

b) (In Sales Ledger) - Selling

Dr. Debtor (3110 – XYZ Co. Ltd. Sundry Debtors – billing or projects work done,
Contributing countries, Conference debtors)
Cr. P&L (Fares-0420/Subs-0420/ Term Exps-0415)

c) On payment of money to Creditors

Cr. Bank (3200)
Dr. Creditor (3111 or individual creditor like James and Reed/ABC Co. Ltd
-8070)

d) On Receipt from Debtors

Dr. Bank (3200)
Cr. Debtor (3110 – XYZ Co. Ltd. Sundry Debtors – billing or projects work done,
Contributing countries, Conference debtors)

All P&L, Creditors, Debtors, Petty Cash, Bank entries go into Trial Balance
1) TB
2) Do bank Rec (from A/C listings and bank statements from Sun)
3) Trial Balance feeds figures to
a) Balance Sheet
b) Income and Expenditure
c) Creditors
d) Debtors
e) Bank
f) Outstanding Contributions