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Accounting > Double Entries > Flashcards

Double Entries Flashcards

1
Q

Accruals

A 
Dr Expense (SPL)
Cr Accruals (SFP)
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2
Q

Prepayments

A 
Dr Prepayments (SFP)
Cr Expense (SPL)
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3
Q

Impairment

A

Dr Impairment Expense
Cr Accumulated Depreciation

Write down higher of:

  • Fair value - cost to sell
  • Value in use
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4
Q

Depreciations

A 
Dr Depreciation (SPL)
Cr Accumulated Depreciation
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5
Q

Rights Issue

A

Dr Cash
Cr Share Capital
Cr Share Premium

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5
Q

Bonus Issue

A

Dr Share Premium

Cr Share Capital

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6
Q

Disposal (part-exchange)

A

Dr Disposals
Cr NCA Cost

Dr Accumulated Depreciation
Cr Disposals

Dr NCA PEA
Cr Disposals PEA (part-exchange allowance)

Dr NCA
Cr Cash/Payables

Balance disposals ledger to find profit or loss

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7
Q

NCA Cost

A

Dr NCA cost

Cr Cash/payable with acquisition cost plus cost of bringing asset into working condition

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8
Q

Closing Inventory

A 
Dr Inventory (SFP)
Cr Closing inventory (COS)
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9
Q

Accrued Income

A

Dr Accrued Income

Cr Income

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10
Q

Deferred Income

A

Dr Income

Cr Deferred Income

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11
Q

Sales returns, originally on credit

A

Dr Sales

Cr Trade Receivables

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12
Q

Sales returns, originally a cash transaction

A

Dr Sales

Cr Cash

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13
Q

Purchase returns, originally a credit transaction

A

Dr Payables

Cr Purchases

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14
Q

Purchase returns, originally a cash transaction

A

Dr Cash

Cr Payables

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15
Q

Receive cash from a customer, previously an allowance for the debt

A

Treat as normal:

Dr Cash
Cr Trade Receivables

16
Q

Write off, previously had an allowance for

A

Dr Irrecoverable Debts Expense

Cr Receivables

17
Q

Written off, subsequently recovered

A

Dr Cash

Cr Irrecoverable Debts Expense

18
Q

Increase in allowance for receivables

A

Dr Allowance for receivables

Cr Trade Receivables

19
Q

Decrease in allowance for receivables

A

Dr Trade Receivables

Cr Allowance for receivables

20
Q

VAT on sales

A

Dr Receivables - VAT inclusive
Cr Sales - VAT exclusive
Cr VAT

21
Q

VAT on purchases

A

Dr Purchases - exclusive
Dr VAT
Cr Cash/Payables - inclusive

22
Q

Contra

A

Dr Payables

Cr Receivables

23
Q

Dishonoured Cheques

A

Dr Receivables

Cr Cash

24
Q

When does the suspense account increase profit?

A

Dr Statement of financial position

Cr Statement of profit or loss

25
Q

When does the suspense account increase profit?

A

Dr Statement of financial position

Cr Statement of profit or loss

26
Q

When does the suspense account decrease profit?

A

Dr Statement of profit or loss

Cr Statement of financial position

27
Q

Admission of partner

A

Account for new capital introduced by partner:

Dr Cash
Cr Capital

28
Q

Issue of a loan note

A

Dr Cash

Cr Non-current liabilities

29
Q

‘Finance cost’ in the SPL

A

This is the interest incurred on the issue of loan notes

Dr Finance Cost
Cr Cash/Accrual

30
Q

Provision

A

Dr Relevant Expense Account

Cr Provisions

31
Q

When the expenditure for which the provision was created is incurred:

A

Dr Provision

Cr Cash at bank

32
Q

Tax liability

A

Dr Tax Expense

Cr Tax payable

33
Q

Paying actual tax bill

A

Dr Tax payable

Cr Cash

34
Q

Over-payment on tax liability

A

Dr Tax Expense

Cr Tax Payable

Accounting (11 decks)

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