Financial Accounting Flashcards by Lewis Drinkald

Q

Purchases

A

DR of the IS

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Q

Sales

A

CR of the IS

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Q

Returns

A

DR/CR of the IS

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Q

Motor Expenses

A

DR of the IS

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Q

Salaries

A

DR of the IS

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Q

Finance costs

A

DR of the IS

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Q

Rent and Rates

A

DR of the IS

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Q

Insurance

A

DR of the IS

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Q

Bad Debts

A

DR of the IS

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Q

Tax paid

A

DR of the IS

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Q

Inventories Jan 1st

A

DR of the IS

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Q

Trade Receivables

A

DR of the SOFP

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Q

Trade Payables

A

CR of the SOFP

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Q

Share capital

A

CR of the SOFP

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Q

Cash in Hand

A

DR of the SOFP

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Q

Bank Overdraft

A

CR of the SOFP

Q

Fixtures at cost

A

DR of the SOFP

Q

Motor Vans at cost

A

DR of the SOFP

Q

Fixtures (depreciation)

A

CR of the SOFP

Q

Motor Vehicle (depreciation)

A

CR of the SOFP

Q

Capital

A

CR of the SOFP

Q

Inventories Dec 31st

A

CR of IS/ DR of SOFP

Q

Prepayments

A

DR of the SOFP

Q

Accruals

A

CR of the SOFP

Q

Depreciation for year vehicle

A

DR of the IS

Q

Depreciation for year Fixtures

A

DR of the IS

Q

What are examples of non-current assets?

A

motor vehicle and fixtures

Q

What are examples of current assets?

A

inventory
trade and other receivables
prepayments
cash/cash equivalent

Q

What are examples of current liabilities?

A

trade and other payables
bank overdraft
accrual

Q

Calculation of net assets?

A

Total assets- total liabilities

Q

What are total assets?

A

current assets current assets