Debits and credits Flashcards
1
Q
Motor vehicles
A
DR Asset
2
Q
Bank
A
DR Asset
3
Q
Sales
A
CR Income
4
Q
Purchases
A
DR Expense
5
Q
Stationery
A
DR Expense
6
Q
Loan
A
CR Liability
7
Q
Cash
A
DR Asset
8
Q
Insurance
A
DR Expense
9
Q
Advertising
A
DR Expense
10
Q
Wages
A
DR Expense
11
Q
Rent
A
DR Expense
12
Q
Rent receivables
A
CR Income
13
Q
Receivables
A
DR Asset
14
Q
Payables
A
CR Liability
15
Q
Discounts allowed
A
DR Expense
16
Q
Discounts received
A
DR Incomes
17
Q
Capital
A
CR Liability
18
Q
Drawings
A
DR reduces profit
19
Q
Telephone
A
DR Expense
20
Q
Premises
A
DR Asset
21
Q
Sales returns
A
DR reduces income
22
Q
Purchase returns
A
CR reduces expense
23
Q
Accountancy fees
A
DR Expense
24
Q
Equipment
A
DR Asset
25
Q
VAT owed to HMRC
A
CR liability
26
Q
VAT due from HMRC
A
DR Asset
27
Q
Advertising
A
DR Expense
28
Q
Road fund
A
Dr Expense
29
Q
Rates
A
DR Expense
30
Q
Utilities
A
DR Expense
