Double Entries Flashcards
Double entries to remember
Issuing shares at par/nominal value
Dr Bank
Cr Share Capital
Issuing shares at a share premium
Dr Bank
Cr Share Capital
Cr Share Premium
Bonus issue of shares
Dr Share premium
Cr Share capital
Rights issue of shares
Dr Bank
Cr Share Capital
Cr Share Premium
Accounting for revaluation
Dr Asset
Dr Accumulated Depreciation
Cr Revaluation Surplus
What is the double entry for a non currents asset revaluation that causes a loss following an upwards revaluation?
Dr Revaluation Surplus
Dr Profit or Loss
Dr Accumulated Depreciation
Cr Non-current Assets
When a Non-current asset is revalued at a loss with no prior increase in value, what is the accounting double entry?
Dr Profit or Loss (SPL)
Dr Accumulated Depreciation (SPF)
Cr Non-current Asset (SFP)
Iwhen a non current asset is impaired, what is the double entry for the Impairment of an asset?
Dr Impairment Expense (SPL)
Cr Non-current Asset (SPF)
What is the double entry for an Impairment of a previously revalued asset?
Dr Revaluation Surplus (SFP)
Dr Profit or Loss (SPL)
Cr Non-current Asset (SFP)
Initial corporation tax journal
Dr income tax expense
Cr taxation payable
What is the double entry for an under provision of corporation tax?
Dr Tax Expense
Cr Tax liability
What is the double entry for an over provision of corporation tax?
Dr tax liability
Cr tax expense
What is the double entry for recognition of a long term lease?
Dr Right of Use Asset
Cr Lease liability
What is the double entry for the initial measurement of a lease?
Dr Right of use Asset
Cr Lease Liability
Payments made before the lease start date
Dr right of use asset
Cr bank