Lcci Passport to Sucess Level 1 Book-Keeping Answer

13188 WordsMay 1, 201353 Pages
Level 1 Book-keeping Solutions Booklet For further information contact us: Tel. +44 (0) 8707 202909 Email. enquiries@ediplc.com www.lcci.org.uk London Chamber of Commerce and Industry (LCCI) International Qualifications are provided by EDI, a leading international awarding body. Passport to Success Level 1 Book-keeping Solutions Booklet The initials LCCI and the words LONDON CHAMBER OF COMMERCE AND INDUSTRY are registered trademarks belonging to the London Chamber of Commerce and Industry and are used under licence. Every effort has been made to trace all copyright holders, but if any have been inadvertently overlooked the Publishers will be pleased to make the necessary arrangements at the first opportunity. © EDI 2008 First…show more content…
With a cash transaction, payment is made immediately for goods and/or services purchased while in a credit transaction payment is made 3 Chapter 2 Double Entry System for Assets, Liabilities and Capital Answers to ‘Think about it’ Questions Page 16 – Why is it necessary to keep separate accounts for each debtor and creditor? So it can clearly be seen how much is owed to individual creditors and how much is owed by individual

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