JOURNALS Flashcards
How would you record a bad debt incurred?
Dr Admin Expenses (SOCI)
Cr Recievables (SOFP)
Being bad debt incurred and written off
How would you record a doubtful debt?
Dr Admin Expenses (SOCI)
Cr Allowance for Receivables (SOFP)
Being allowance for doubtful debt
How would you record an increase in the allowance for receivables?
Dr Admin Expenses (SOCI)
Cr Allowance in Receivables (SOFP)
Being an increase in the provision against outstanding receivables
How would you record a decrease in the allowance for receivables?
Dr Allowance in Receivables (SOFP)
Cr Admin Expenses (SOCI)
Being a decrease in the provision against outstanding receivables
How you you record depreciation on an asset?
Dr Depreciation Expense Account (IS/SOCI)
Cr Accumulated Depreciation Account (SOFP)
Being depreciation on asset for the period
How would you record an asset being disposed of at a profit? (With a disposal account)
Cr Cost (SOFP)
Dr Accum Depn (SOFP)
Dr Bank (SOFP)
Cr Profit on Disposal (IS)
Being asset disposal, with profit generated
How would you record a disposal at a loss? (Without using a disposal account)
Cr Cost (SOFP)
Dr Acc Depn (SOFP)
Dr Bank (SOFP)
Dr Loss on Disposal (IS)
Being asset disposal, with loss incurred
How would you record an upward revaluation?
Dr Asset at Cost (SOFP)
Dr Accum Depn (SOFP)
Cr Revaluation Reserve (SOCE)
Being revaluation of asset
How would you record a downward revaluation?
Dr Accum Depn (SOFP)
Cr Asset at Cost (SOFP)
Dr Revaluation Reserve (SOCE)
Being revaluation of asset
How would you record a revenue type grant?
Dr Bank (SOFP) or Dr Grant Receivable (SOFP)
Cr Other Operating Income (SOCI)
Being recognition of government grant received
How would you record a capital type grant?
Dr Bank (SOFP) or Dr Grant Recievable (SOFP)
Cr Deferred Income (SOFP)
then
Dr Deferred Income (SOFP)
Cr Other Operating Income (SOCI)
Being recognition of government grant received
How would you record an operating lease?
Dr Operating Lease Cost (SOCI)
Cr Bank (SOFP)
Being recognition of operating lease
How would you record a finance lease?
- Dr Asset at Cost (SOFP)
Cr Finance Lease Liability (SOFP)
Being asset aquired through lease financing - Dr Depn Expense (SOCI)
Cr Accum Depn (SOFP)
Being asset depreciated during the year - Dr Lease Finance Cost (SOFP)
Cr Finance Lease Liability (SOFP)
Being expense of lease financing - Dr Finance Lease Liability (SOFP)
Cr Bank (SOFP)
Being annual lease payment
How would you record the recognition of a provision?
Dr Expenses (SOCI)
Cr Current Liabilities (SOFP)
Being the recognition of a provision
How would you record loan interest paid at year end?
Dr Finance Cost (SOCI)
Cr Loan Interest (SOFP)
Being loan interest outstanding at year end
How would you record excluded admin expenses missed from the TB?
Dr Admin Expenses (SOCI)
Cr Accrued Expenses (SOFP)
Being admin expenses outstanding at year end
How would you record repayment of a grant?
Dr Deferred Income (SOFP)
Cr Grant Repayable (SOFP)
Being reclassification of grant becoming repayable
How would you record wages outstanding at year end?
Dr COS (SOCI)
Dr Distribution Costs (SOCI)
Dr Admin Expenses (SOCI)
Cr Accrued Expenses (SOFP)
Being eager outstanding at year end
How would you record tax due to HMRC?
Dr Taxation (SOCI)
Cr Tax Payable (SOFP)
Being tax payable at year end
How would you record a tax rebate from HMRC?
Dr Tax Refund Due (SOFP)
Cr Taxation (SOCI)
Being tax refund due at year end
How would you record missing inventory from the prior year?
Dr Opening Inv (SOCI)
Cr Retained Earnings (SOFP/SOCE)
Being material prior period error
How would you correct a duplicate credit purchase recorded in the prior year?
Dr Payables (SOFP)
Cr Retained Earning (SOCE)
Being material prior period error
How would you record closing inventory?
Dr Closing Inventory (SOFP)
Cr Closing Inventory (IS)
Being closing inventory at year end
How would you record the partial realisation of a grant?
Dr Gov Grant (SOFP)
Cr Operating Income (IS)
Being partial recognition of government grant
How would you record interest paid on a long term loan?
Dr Finance Cost (IS)
Cr Finance Cost Accrual (SOFP)
Being remainder of interest paid on long term loan
How would you record a missing credit sale?
Dr Recievables (SOFP)
Cr Revenue (IS)
Being recording of missed credit sales
How would you record the increase of a provision?
Dr Admin Expenses (IS)
Cr Provison (SOFP)
Being increase of provision
How would you record an increase in the allowance for receivables?
Dr Allowance for Receivables (IS)
Cr Allowance for Receivables (SOFP)
Being recognition of increase in allowance for receivables
