Preparing Financial Statements: Other Considerations Flashcards
1
Q
Sales return double entries
A
Dr Sales
Cr Cash/Trade Receivables
2
Q
Purchase return DE
A
Dr Trade Payables/Cash
Cr Purchases
3
Q
2 types of discount
A
- Trade/Bulk Buy
- Early Settlement/Prompt Payment
4
Q
Staff costs =
A
Gross salaries + Employer’s NIC
5
Q
Payroll Double Entries
A
Dr Wages+Salaries
Gross + Employers NIC (I.e. total)
Cr cash
Net
Cr Income tax
PAYE + Employer NIC + Employee NIC
(Payable account so current liability)
