Service Firm Account

Question 1

Buildings and grounds at cost

Answer 1

Asset
SOR (asset)
Bs(FA)

Question 2

Stock (opening and closing)

Answer 2

Asset
SOR(asset)
Bs(CA)

Question 3

Equipment at cost

Fixtures and fittings at cost

Answer 3

Asset
SOR(asset)
Bs(FA)

Question 4

Motor vehicles at cost

Answer 4

Asset
SOR(asset)
Bs(FA)

Question 5

Shop debtors (opening and closing )

Answer 5

Asset
SOR(asset)
Bs(Ca)

Question 6

Income due at the start of the year

Eg. Investment income due, client fees due

Answer 6

Asset

SOR(asset)

Question 7

Income due at the end of the year

Eg. Investment income due, clients fees due

Answer 7

Asset

Bs(CA)

Question 8

Investments

Answer 8

Asset
SOR(asset)
Bs(financial asset)

Question 9

Opening bank balance (on receipts side)

Answer 9

Asset

SOR(asset)

Question 10

Closing bank balance ( on payments side )

Answer 10

Asset

Bs(Ca)

Question 11

Any expenses prepaid at the start of the year

Eg. Wages prepaid, contract cleaning prepaid

Answer 11

Asset

SOR(asset)

Question 12

Any expenses prepaid at the end of the year

Eg. Wages prepaid, contract cleaning prepaid

Answer 12

Asset

Bs(Ca)

Question 13

Income earned during the year

Eg. Investment income for year, shop profit, client fees

Answer 13

Income

P+L (income)

Question 14

Issued share capital

Answer 14

Liability
SOR(liability)
Bs(FB)

Question 15

Authorised share capital

Answer 15

Bs(FB)

Question 16

Revaluation reserve

Answer 16

Reserves

Bs(FB)

Question 17

Creditors (opening and closing

Answer 17

Liability
SOR(liability)
Bs(creditors: amounts falling due within 1 year-closing creditors)

Question 18

Loan

Answer 18

Liability
SOR(liability)
Bs(FB)

Question 19

Any expenses due at the start of the year

Eg. Loan interest due, wages due

Answer 19

Liability

SOR(liability)

Question 20

Any expenses due at the end of the year

Eg. Loan Interest due, wages due

Answer 20

Liability

Bs(creditors amounts falling due within 1 year)

Question 21

Any income prepaid at the start of the year

Eg. Clients fees prepaid

Answer 21

Liability

SOR(liability)

Question 22

Any income prepaid at the end of the year

Eg. Clients fees prepaid

Answer 22

Liability

Bs( creditors amounts falling due within 1 year )

Question 23

Expenses incurred during the year

Eg. Light and heat, depreciation, loan interest for the year, loss in the sale of a fixed asset

Answer 23

Expense

P+L(expense)