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
What is the double entry for Interest charged on the lease liability?
Dr Finance Cost
Cr Lease Liability
Paying off the lease liability
Dr lease liability
Cr bank
A change in provision
Dr expense account
Cr provision
Impairment
Dr impairment
Cr goodwill
What is the double book entry for the elimination of intragroup balances?
Cr Intragroup Receivables
Dr Intragroup Payable
What is the double entry for eliminating cash in transit?
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
What is the double entry for Goods in transit?
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
What is the double entry for a PUP adjustment?
Dr Retained Earnings
Cr Inventory
What is the double entry for Intragroup sales and purchased?
Dr sales
Cr Cost of sales
Accrual
Dr expense
Cr accruals
Prepayments
Dr prepayments
Cr expense
Closing inventory
Dr Cost of sales
Cr Inventories
