Double Entries Flashcards
Opening Inventory
Dr Cos, Cr Inventory
Closing Inventory
Dr Inventory, Cr Cos
Purchases
Dr Cos, Cr Purchases
Drawings
Dr Drawings, Cr Cos
Accruals
Dr Expense, Cr Accruals
Prepayment
Dr Prepayment, Cr Expense
Accrued Income
Dr Accrued income, Cr Revenue
Deferred Income
Dr Revenue, Cr Deferred income
Accumulated depreciation
Dr Depreciation expense, Cr Accumulated depreciation
Impairment
Dr Impairment expense, Cr Asset
Disposal: removal of cost of asset
Dr disposal a/c, Cr NCA
Disposal: remove acc dep charged so far
Dr acc dep, Cr disposal a/c
Disposal: a/c for sales proceeds
Dr cash, Cr disposal a/c
Disposal: part exchange allowance offered against cost of replacement asset
Dr new asset cost. Cr disposal a/c
if relevant, remaining cash paid
Dr new asset cost, Cr cash
Intangible asset
Dr NCA, Cr cash/payable
Expected settlement discount
Dr Receivables (price after discount), Cr Sales (price after discount)
Unexpected settlement discount
Dr Receivables (full price), Cr Sales (full price)
VAT purchase
Dr purchase, Dr VAT, Cr trade payable
Irrecoverable VAT
Dr expense, Cr cash
writing off
Dr Irrec debt expense, Cr trade receivable
written off but unexpectedly paid
Dr cash, Cr irrec debt exp
cheque received
Dr cash, Cr trade receivable
cheque dishonoured
Dr trade receivable, Cr cash
allowance
Dr irrec debt expense, Cr allowance
increase in change in allowance
Dr Irrec debt exp, Cr allowance
Decrease in change in allowance
Dr allowance, Cr irrec debt expense
allowance last year, paid this year
Dr cash, Cr trade receivable
allowance last year, irrecoverable this year
Dr irrec debt expense, Cr trade receivable
contra entry
Dr trade payable, Cr trade receivable
create suspense account
Dr cash, Cr suspense a/c
remove suspense a/c
Dr suspense a/c, Cr trade receivable
share capital (issued at nominal value)
Dr cash, Cr share capital
share issued at premium
Dr cash, Cr share capital, Cr share premium (excess OVER nominal value)
nominal value of bonus shares
Dr revenue account, Cr share capital
dividends paid
Dr retained earnings, Cr cash
Dividends declared but not paid
Dr retained earnings, Cr dividends payable
provision: create provision
Dr expense, Cr provision
provision: incur expense
Dr expense, Dr provision, Cr cash
Provision: remove excess provision
Dr provision, Cr expense
tax liability identified
Dr tax expense, Cr tax payable
tax paid
Dr tax payable, Cr cash
