Entries in Accounts (ONLY) Flashcards
(6 cards)
Give the relevant entries for a firm paying an electricity bill of £2,000.
- CR entry on cash account; and
- DR entry on firm’s electricity account.
Give the relevant entries for a firm receiving £480 from a client in payment of professional charges plus VAT?
- CR entry in client ledger account; and
- DR entry in cash account.
Client asks you to hold £20,000 of completion monies for her son buying a flat. How is this entered in the accounts?
- DR in client’s ;Eder account (client section);
- CR entry in son’s ledger account (client section).
Give the relevant entry for £10 from petty cash paid on behalf of a client.
DR entry in business section of the client’s account.