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Entries in Accounts (ONLY) Flashcards

(6 cards)

1
Q

Give the relevant entries for a firm paying an electricity bill of £2,000.

A
  • CR entry on cash account; and
  • DR entry on firm’s electricity account.
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2
Q

Give the relevant entries for a firm receiving £480 from a client in payment of professional charges plus VAT?

A
  • CR entry in client ledger account; and
  • DR entry in cash account.
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3
Q

Client asks you to hold £20,000 of completion monies for her son buying a flat. How is this entered in the accounts?

A
  • DR in client’s ;Eder account (client section);
  • CR entry in son’s ledger account (client section).
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4
Q

Give the relevant entry for £10 from petty cash paid on behalf of a client.

A

DR entry in business section of the client’s account.

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5
Q
A
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6
Q
A
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