Accounts Chapter 3 Flashcards
Name the debit and credits of:
Capital contribution
Cr Capital
Dr Bank
Name the debit and credits of:
Drawings
Cr Bank
Dr Drawings
Name the debit and credits of:
Bought a vehicle with cash
Cr Bank
Dr Vehicles
Name the debit and credits of:
Bought equipment with cash
Cr Bank
Dr Equipment
Name the debit and credits of:
Bought goods with cash
Cr Bank
Dr Trading Stock
Name the debit and credits of:
Sold goods for cash
Cr Sales (selling price)
Dr Bank (selling price)
Cr Trading Stock (cost price)
Dr Cost of Sales (cost price)
Name the debit and credits of:
Received rent income
Cr Rent Income
Dr Bank
Name the debit and credits of:
Paid wages with cash
Cr Bank
Dr Wages
Name the debit and credits of:
Bought consumables with cash
Cr Bank
Dr Consumables
Name the debit and credits of:
Paid telephone with cash
Cr Bank
Dr Telephone
Name the debit and credits of:
Paid for water and electricity with cash
Cr Bank
Dr Water and Electricity
Name the debit and credits of:
Paid interest on overdraft with cash
Cr Bank
Dr Interest on Overdraft
Name the debit and credits of:
Paid for Bank charges with cash
Cr Bank
Dr Bank charges
Name the debit and credits of:
Paid for repairs with cash
Cr Bank
Dr Repairs and maintenance
Name the debit and credits of:
Got a cash loan
Cr Loan
Dr Bank
Name the debit and credits of:
Repaid a loan with cash
Cr Bank
Dr Loan
Name the debit and credits of:
Interest on Loan (not capitalised)
Cr Bank
Dr Interest on Loan
Name the debit and credits of:
Interest on Loan (capitalised)
Cr Loan
Dr Interest on Loan
Name the debit and credits of:
Made a Fixed Deposit in cash
Cr Bank
Dr Fixed deposit
Name the debit and credits of:
Fixed deposit matured
Cr Fixed deposit
Dr Bank
Name the debit and credits of:
Interest on Fixed deposit (not capitalised)
Cr Interest on Fixed Deposit
Dr Bank
Name the debit and credits of:
Interest on Fixed deposit (capitalised)
Cr Interest on Fixed Deposit
Dr Fixed Deposit
What happens with petty cash?
A petty cash amount will be added to the account via a cheque
Small payments are made with the petty cash throughout the month
The amount of petty cash used will be paid
The balance will be the same every month
Name the debits and credits of:
Petty cash impress amount paid
Cr Bank
Dr Petty Cash
Name the debits and credits of:
Expense paid with petty cash
Cr Petty Cash
Dr the expense
Name the debits and credits of:
Restored the petty cash impress amount
Cr Bank
Dr Petty cash
Where will we record a cash transaction where we receive money?
Cash
Receipts
Journal
Where will we record a cash transaction where we lose money?
Cash
Payments
Journal
Where will we record payments made with petty cash?
Petty
Cash
Journal
