Double Entries Flashcards

Double entries to remember

1
Q

Issuing shares at par/nominal value

A

Dr Bank
Cr Share Capital

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2
Q

Issuing shares at a share premium

A

Dr Bank
Cr Share Capital
Cr Share Premium

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3
Q

Bonus issue of shares

A

Dr Share premium
Cr Share capital

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4
Q

Rights issue of shares

A

Dr Bank
Cr Share Capital
Cr Share Premium

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5
Q

Accounting for revaluation

A

Dr Asset
Dr Accumulated Depreciation
Cr Revaluation Surplus

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6
Q

What is the double entry for a non currents asset revaluation that causes a loss following an upwards revaluation?

A

Dr Revaluation Surplus
Dr Profit or Loss
Dr Accumulated Depreciation
Cr Non-current Assets

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7
Q

When a Non-current asset is revalued at a loss with no prior increase in value, what is the accounting double entry?

A

Dr Profit or Loss (SPL)
Dr Accumulated Depreciation (SPF)
Cr Non-current Asset (SFP)

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8
Q

Iwhen a non current asset is impaired, what is the double entry for the Impairment of an asset?

A

Dr Impairment Expense (SPL)
Cr Non-current Asset (SPF)

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9
Q

What is the double entry for an Impairment of a previously revalued asset?

A

Dr Revaluation Surplus (SFP)
Dr Profit or Loss (SPL)
Cr Non-current Asset (SFP)

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10
Q

Initial corporation tax journal

A

Dr income tax expense
Cr taxation payable

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11
Q

What is the double entry for an under provision of corporation tax?

A

Dr Tax Expense
Cr Tax liability

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12
Q

What is the double entry for an over provision of corporation tax?

A

Dr tax liability
Cr tax expense

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13
Q

What is the double entry for recognition of a long term lease?

A

Dr Right of Use Asset
Cr Lease liability

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14
Q

What is the double entry for the initial measurement of a lease?

A

Dr Right of use Asset
Cr Lease Liability

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15
Q

Payments made before the lease start date

A

Dr right of use asset
Cr bank

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16
Q

What is the double entry for Interest charged on the lease liability?

A

Dr Finance Cost
Cr Lease Liability

17
Q

Paying off the lease liability

A

Dr lease liability
Cr bank

18
Q

A change in provision

A

Dr expense account
Cr provision

19
Q

Impairment

A

Dr impairment
Cr goodwill

20
Q

What is the double book entry for the elimination of intragroup balances?

A

Cr Intragroup Receivables
Dr Intragroup Payable

21
Q

What is the double entry for eliminating cash in transit?

A

1) First entry is to push the transaction to its destination in subsidiary account
Dr Bank
Cr Intragroup Receivables
2) Second entry is to eliminate the balancing figure in the Intercompany accounts
Cr Intragroup Receivables
Dr Intragroup Payables

22
Q

What is the double entry for Goods in transit?

A

1) Firstly, push the transaction to its destination in the Subsidiary accounts
Dr Inventory
Cr Intragroup payable
2) Secondly, eliminate the intragroup balancing figure.
Cr Intragroup Receivables
Dr Intragroup Payables

23
Q

What is the double entry for a PUP adjustment?

A

Dr Retained Earnings
Cr Inventory

24
Q

What is the double entry for Intragroup sales and purchased?

A

Dr sales
Cr Cost of sales

25
Q

Accrual

A

Dr expense
Cr accruals

26
Q

Prepayments

A

Dr prepayments
Cr expense

27
Q

Closing inventory

A

Dr Cost of sales
Cr Inventories