Double Entry Flashcards
Asset Grant
(Deducting from NCA)
Buying the NCA
Dr NCA
Cr Bank
Receiving the Grant
Dr Bank
Cr NCA
Depreciation
Dr Depreciation
Cr NCA
Asset Grant
(Treat as deferred income)
Same as deducing from NCA except:
Receiving the grant
Dr Bank
Cr Deferred Income
Release of deferred Income
Dr Deferred Income
Cr Other Income
Revenue Grant
(Reducing the value of expenses)
Dr Bank
Cr Expenses
Financial Asset
Recognising the Asset
Dr Financial Asset
Cr Finance Income
Receipts of Interest
Dr Bank
Cr Financial Asset
Financial Liability
Recognising the Liability
Dr Bank
Cr Financial Liability
Finance Cost
Dr Finance Cost
Cr Financial Liability
Interest Paid
Dr Financial Liability
Cr Bank
Convertable Debt
Dr Bank
Cr Financial Liability
Cr Other components of equity
Corporation Tax
Dr Taxation Expense
Cr Taxation Liability
Deferred Tax
(Liability)
Dr Taxation Expense
Cr Deferred Tax Liability
Opposite if we are decreasing the liability
Foreign Sale
Dr Trade Receivables
Cr Exchange Gain
Foreign Purchase
Dr Exchage Loss
Cr Trade Payables
Lease
Setting up Liability
Dr ROU Asset
Cr Lease Liability
Depreciation
Dr Depreciation
Cr ROU Asset
Finance Cost
Dr Finance Cost
Cr Lease Liability
Lease Payment
Dr Lease Liability
Cr Bank
Revenue
Dr Bank
Cr Revenue
Revenue
(Long Term Contract)
Dr Contract Asset
Cr Revenue
Dr Trade Receivables
Cr Contract Asset
