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Producing Financial Statements > Extended Trail Balance > Flashcards

Extended Trail Balance Flashcards

1
Q

How is Capital recorded on a trial balance?

A

Credit - SFP

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2
Q

How is Sales recorded on a trial balance?

A

Credit - SPL

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3
Q

How is Sales Returns recorded on a trial balance?

A

Debit - SPL

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4
Q

How is rent recorded on a trial balance?

A

Debit - SPL

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5
Q

How is advertising recorded on a trial balance?

A

Debit - SPL

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6
Q

How is Bank recorded on a trial balance?

A

Debit - SFP

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7
Q

How is Office Expenses recorded on a trial balance?

A

Debit - SPL

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8
Q

How is Purchases recorded on a trial balance?

A

Debit - SPL

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9
Q

How is Purchase Returns recorded on a trial balance?

A

Credit - SPL

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10
Q

How is Fixtures and Fittings recorded on a trial balance?

A

Debit - SFP

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11
Q

How is Accumulated Depreciation recorded on a trial balance?

A

Credit - SFP

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12
Q

How is Machinery recorded on a trial balance?

A

Debit - SFP

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13
Q

How is Receivables recorded on a trial balance?

A

Debit - SFP

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14
Q

How is Payables recorded on a trial balance?

A

Credit - SFP

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15
Q

How is VAT recorded on a trial balance?

A

Credit - SFP

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16
Q

How is Cash recorded on a trial balance?

A

Debit - SFP

17
Q

How is Gas and Electricity recorded on a trial balance?

A

Debit - SPL

18
Q

How are Salaries recorded on a trial balance?

A

Debit - SPL

19
Q

How is Irrecoverable debt recorded on a trial balance?

A

Debit - SPL (expenses)

20
Q

How is Accrued expenses recorded on a trial balance?

A

Credit - SFP

21
Q

How is Depreciation charge recorded on a trial balance?

A

Debit - SPL

22
Q

How is allowence for doubtful debt adjustment recorded on a trial balance?

A

Debit - SPL

23
Q

How is allowence for doubtful debt adjustment recorded on a trial balance?

A

Credit - SPL

24
Q

How to calculate diminishing depreciation for the trial balance?

A

Cost - Acc depr = Carrying Amount
Carrying amount x Percentage

25
Q

What is Opening inventory in the TB?

A

Debit - P&L

26
Q

What is discounts received in the TB?

A

Debit - P&L

27
Q

What is closing inventory in TB

A

Credit - P&L
Debit - SFP

Producing Financial Statements (13 decks)

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