Trial Balance

Question 1

Bank

Answer 1

Debit SFP if positive
Credit SFP if overdrawn

Question 2

Capital

Answer 2

Credit SFP

Question 3

Closing Inventory

Answer 3

Debit SFP Credit SPL

Question 4

Depr Charges

Answer 4

Debit SPL

Question 5

Accumulated depr

Answer 5

Credit SFP

Question 6

Purchases

Answer 6

Debit SPL

Question 7

Payables

Answer 7

Credit SFP

Question 8

Sales

Answer 8

Credit SPL

Question 9

Receivables

Answer 9

Debit SFP

Question 10

Allowence for doubtful debt

Answer 10

Credit SFP

Question 11

Allowence for doubt debt adj

Answer 11

Debit SPL

Question 12

Irrecoverable debt

Answer 12

Debit SPL

Question 13

Asset at cost

Answer 13

Debit SFP

Question 14

Accruals

Answer 14

Credit SFP

Question 15

Prepayments

Answer 15

Debit SFP

Question 16

Drawings

Answer 16

Debit SFP

Question 17

VAT

Answer 17

Credit SFP

Question 18

Discounts Allowed

Answer 18

Debit SPL

Question 19

Discounts Received

Answer 19

Credit SPL

Question 20

Opening Inventory

Answer 20

Debit SPL

Question 21

Key formula including opening capital closing vapital drawings and profit/loss

Answer 21

Opening Cap + Profit + New capital introduced - Drawings = Closing Captial

Question 22

Loss on Disposal

Answer 22

Expense Debit P&L

Question 23

Gain on disposal

Answer 23

Income Credit P&L

Question 24

Prepaid Income on TB

Answer 24

Credit

Question 25

Accrued Expenses on TB

Answer 25

Credit

Question 26

Accrued Income

Answer 26

Debit

Question 27

Prepaid Expenses

Answer 27

Debit