Kasita Stores Ledgers as of 31 October 2024

These flashcards cover key vocabulary terms related to the ledgers and transactions of Kasita Stores as presented in the lecture notes.

Ledgers

Records that summarize all transactions related to a particular account.

Capital Contribution

Amount invested by the owner into the business.

Debtors

Individuals or entities that owe money to the business.

Creditors

Individuals or entities to whom the business owes money.

Invoice

A document requesting payment for goods or services provided.

EFT

Electronic Funds Transfer, a system of transferring money electronically.

Fixed Deposit

A financial instrument provided by banks that offers a higher interest rate than a regular savings account.

Bad Debt

Money owed that is unlikely to be paid back.

Bank Account

An account held at a financial institution that allows deposits, withdrawals, and other financial transactions.

Sales

Income received from the sale of goods or services.

Purchase Returns

Goods that are returned to the supplier due to defects or other issues, refunded or credited to the business.

Interest

The cost of borrowing money or the return on investment for savings.

Withdrawals

The act of taking money out of a bank account.

Balance Brought Down (b/d)

The amount carried forward from the previous accounting period.

Balance Carried Down (c/d)

The amount that is brought forward to the next accounting period.