DEBIT / CREDIT Accounts and Accruals and Prepayments Flashcards
Rent A/C
Debit - Expense
Electricity A/C
Debit - Expense
Telephone A/C
Debit - Expense
Advertising A/C
Debit - Expense
Stationary A/C
Debit - Expense
Motor Vehicle Expense A/C
Debit - Expense
Wages A/C
Debit - Expense
Rate A/c
Debit - Expense
purchase A/C
Debit - Expense
Building A/C
Debit - Asset
Land A/c
Debit - Asset
Motor Vehicle A/C
Debit - Asset
Office Furniture A/C
Debit - Asset
Office Equipment A/C
Debit - Asset
Machinery A/C
Debit - Asset
Customer A/C
Debit - Asset
Bank A/C
Debit - Asset
Cash A/C
Debit - Asset
Money taken from the business for personal use
Debit - Drawings
Bank Loan A/C
Credit - Liability
Supplier A/C
Credit - Liability
Sales A/C
Credit - Income
Rent Receivable A/C
Credit - Income
Commission Recievable A/C
Credit - Income
Discount Recievable A/C
Credit - Income
Purchase Returns A/C
Credit - Income
Amount Invested by the owner to set up the business
Credit - Capital
Expense Prepayment
Asset — Debit Balances — minus from the credit side — overall debit balance.
Trading PnL - minus from less expenses
Balance Sheet - current assets - add to prepayments
Income Prepayment
Liability — credit balance — minus from the debit side — overall credit balance
Trading PnL - add income
Balance Sheet - current asset
Expense Accrual
Liability — credit balance — add to the credit side — overall credit balance
Trading PnL - add to Less expenses
Balance Sheet - Current Liability Accruals
Income Accrual
Asset — debit balance — add to the debit side —- overall debit balance
Trading PnL - add to add income
Balance Sheet - current assets
Sales returns a/c
DEBIT
