DEBIT / CREDIT Accounts and Accruals and Prepayments Flashcards
(32 cards)
1
Q
Rent A/C
A
Debit - Expense
2
Q
Electricity A/C
A
Debit - Expense
3
Q
Telephone A/C
A
Debit - Expense
4
Q
Advertising A/C
A
Debit - Expense
5
Q
Stationary A/C
A
Debit - Expense
6
Q
Motor Vehicle Expense A/C
A
Debit - Expense
7
Q
Wages A/C
A
Debit - Expense
8
Q
Rate A/c
A
Debit - Expense
9
Q
purchase A/C
A
Debit - Expense
10
Q
Building A/C
A
Debit - Asset
11
Q
Land A/c
A
Debit - Asset
12
Q
Motor Vehicle A/C
A
Debit - Asset
13
Q
Office Furniture A/C
A
Debit - Asset
14
Q
Office Equipment A/C
A
Debit - Asset
15
Q
Machinery A/C
A
Debit - Asset
16
Q
Customer A/C
A
Debit - Asset
17
Q
Bank A/C
A
Debit - Asset
18
Q
Cash A/C
A
Debit - Asset
19
Q
Money taken from the business for personal use
A
Debit - Drawings
20
Q
Bank Loan A/C
A
Credit - Liability
21
Q
Supplier A/C
A
Credit - Liability
22
Q
Sales A/C
A
Credit - Income
23
Q
Rent Receivable A/C
A
Credit - Income
24
Q
Commission Recievable A/C
A
Credit - Income
25
Discount Recievable A/C
Credit - Income
26
Purchase Returns A/C
Credit - Income
27
Amount Invested by the owner to set up the business
Credit - Capital
28
Expense Prepayment
Asset --- Debit Balances --- minus from the credit side --- overall debit balance.
Trading PnL - minus from less expenses
Balance Sheet - current assets - add to prepayments
29
Income Prepayment
Liability --- credit balance --- minus from the debit side --- overall credit balance
Trading PnL - add income
Balance Sheet - current asset
30
Expense Accrual
Liability --- credit balance --- add to the credit side --- overall credit balance
Trading PnL - add to Less expenses
Balance Sheet - Current Liability Accruals
31
Income Accrual
Asset --- debit balance --- add to the debit side ---- overall debit balance
Trading PnL - add to add income
Balance Sheet - current assets
32
Sales returns a/c
DEBIT
