Which of the following are incorrect? (I) Goods sold for cash → Debit: Cash | Credit: Sale (II) Goods bought on credit from T Carter → Debit: Purchase | Credit: T Carter (III) Goods returned by us to C Barry → Debit: C Barry | Credit: Outward (IV) Van bought for cash → Debit: Purchase | Credit: Cash

• (i) And (iii) Only
• None of these
• (iv) Only
• (ii) And (iv) only

Related MCQs

• According to the rules of debit and credit for balance sheet accounts ______?
• The person from who goods are bought on credit is known as ____________.
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