Usefull Flashcards
Assets equation
Assets = Liabilities + equity
Fundamental qual characteristic s
Relevance fathful rep
Fundamental principles
Integrity
Obj
Pro comp
Confident
Pro behaviour
Source docs
Invoice (sales/purchase)
Gross pay calc
Net pay + deductions (PAYE NI pension
Total payroll cost
Net pay + PAYE+ employee/employer NI+ pension
Customer pays later than expected
Dr cash (full amount)
Cr receivables expected
Cr income diff
Double entry for refund
After payment if goods returned
Dr sales returns
Cr trade rec
Then refund cash
Dr trade Rec
Cr cash
How to correct bank statements
Add outstanding lodgements/ transfers
Minus I presented cheques
Double entry for purchasing inv
Dr purchases
Cr TP/cash
NRV
Selling price - selling cost/ dist exp
Entry for writing off inv
Dr other exp
Cr purchases
Insurance pay
Dr cash/receivables
Cr other income
Entry for owner taking stock
Dr drawings (cost)
Cr purchases
Increase irrec debt allow
Dr irrec exp
Cr allowance for rec
Rec not expected to be paid
Dr irrec exp
Cr TR
Irrec debt now paid
Dr cash
Cr irrec exp
Accrual/ prepay double entry
Dr exp
CR accrual
Dr prepay
Cr exp
Accrued inc/ differed inc double entry
Dr accrued inc
Cr rev/ other inc
Dr Rev/othe inc
Fr deffered inc
Double entry for depreciation
Dr dep exp
Cr accum dep
Accounting for NCA disposal
S1 remove cost of disp
Dr disp acc
Cr nca cost acc
S2
Dr accum dep
Cr disp acc
S3
Dr cash
Fr disp acc
Double entry for equity / irred pref shares during and before period
During
Dr RE
Cr Cash
Before
Dr RE
Cr Accruals
Entry for redeemable pref share
Divi during and before period
During
Dr financ charge
Cr cash
Before
Finance charge
Accruals
Accounting for share issue
Dr cash proceeds
Cr sc
Cr sp
Accounting for bonus issue
Dr SP
Cr SC
