Accounts Chapter 3 Flashcards Preview

Abi Accounting 2017 > Accounts Chapter 3 > Flashcards

Flashcards in Accounts Chapter 3 Deck (29):
1

Name the debit and credits of:
Capital contribution

Cr Capital
Dr Bank

2

Name the debit and credits of:
Drawings

Cr Bank
Dr Drawings

3

Name the debit and credits of:
Bought a vehicle with cash

Cr Bank
Dr Vehicles

4

Name the debit and credits of:
Bought equipment with cash

Cr Bank
Dr Equipment

5

Name the debit and credits of:
Bought goods with cash

Cr Bank
Dr Trading Stock

6

Name the debit and credits of:
Sold goods for cash

Cr Sales (selling price)
Dr Bank (selling price)
Cr Trading Stock (cost price)
Dr Cost of Sales (cost price)

7

Name the debit and credits of:
Received rent income

Cr Rent Income
Dr Bank

8

Name the debit and credits of:
Paid wages with cash

Cr Bank
Dr Wages

9

Name the debit and credits of:
Bought consumables with cash

Cr Bank
Dr Consumables

10

Name the debit and credits of:
Paid telephone with cash

Cr Bank
Dr Telephone

11

Name the debit and credits of:
Paid for water and electricity with cash

Cr Bank
Dr Water and Electricity

12

Name the debit and credits of:
Paid interest on overdraft with cash

Cr Bank
Dr Interest on Overdraft

13

Name the debit and credits of:
Paid for Bank charges with cash

Cr Bank
Dr Bank charges

14

Name the debit and credits of:
Paid for repairs with cash

Cr Bank
Dr Repairs and maintenance

15

Name the debit and credits of:
Got a cash loan

Cr Loan
Dr Bank

16

Name the debit and credits of:
Repaid a loan with cash

Cr Bank
Dr Loan

17

Name the debit and credits of:
Interest on Loan (not capitalised)

Cr Bank
Dr Interest on Loan

18

Name the debit and credits of:
Interest on Loan (capitalised)

Cr Loan
Dr Interest on Loan

19

Name the debit and credits of:
Made a Fixed Deposit in cash

Cr Bank
Dr Fixed deposit

20

Name the debit and credits of:
Fixed deposit matured

Cr Fixed deposit
Dr Bank

21

Name the debit and credits of:
Interest on Fixed deposit (not capitalised)

Cr Interest on Fixed Deposit
Dr Bank

22

Name the debit and credits of:
Interest on Fixed deposit (capitalised)

Cr Interest on Fixed Deposit
Dr Fixed Deposit

23

What happens with petty cash?

A petty cash amount will be added to the account via a cheque
Small payments are made with the petty cash throughout the month
The amount of petty cash used will be paid
The balance will be the same every month

24

Name the debits and credits of:
Petty cash impress amount paid

Cr Bank
Dr Petty Cash

25

Name the debits and credits of:
Expense paid with petty cash

Cr Petty Cash
Dr the expense

26

Name the debits and credits of:
Restored the petty cash impress amount

Cr Bank
Dr Petty cash

27

Where will we record a cash transaction where we receive money?

Cash
Receipts
Journal

28

Where will we record a cash transaction where we lose money?

Cash
Payments
Journal

29

Where will we record payments made with petty cash?

Petty
Cash
Journal