Double Entries Flashcards
Issuing shares at par/nominal value
Dr Bank
Cr Share Capital
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
Revaluation that causes a loss following an upwards revaluation
Dr revaluation surplus
Dr profit or loss
Dr accumulated depreciation
Cr non-current assets
Revaluation that causes a loss with no prior increase in value
Dr profit or loss
Dr accumulated depreciation
Cr non-current asset
Impairment of an asset
Dr impairment expense
Cr non-current asset
Impairment of a previously revalued asset
Dr revaluation surplus
Dr profit or loss
Cr non-current asset
Initial corporation tax journal
Dr income tax expense
Cr taxation payable
Under provision of corporation tax
Dr income tax expense
Cr taxation payable
Over provision of corporation tax
Dr taxation payable
Cr income tax payable
Recognition of a lease
Dr right of use asset
Cr lease liability
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
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
Elimination of intragroup balances
Dr intragroup payable
Cr intragroup receivables
Eliminate cash in transit
1) Dr bank Cr intragroup receivables 2) Dr intragroup payable Cr intragroup receivables
Goods in transit
1) Dr inventory Cr intragroup payable 2) Dr intragroup payable Cr intragroup receivables
Pup adjustment
Dr retained earnings
Cr inventory
Intragroup sales and purchased
Dr sales
Cr cost of sales
Pup adjustment
Dr cost of sales
Cr inventory
Accrual
Dr expense
Cr accruals
Prepayments
Dr prepayments
Cr expense
Closing inventory
Dr Cost of sales
Cr Inventories
