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Flashcards in Service Firm Account Deck (23):
1

Buildings and grounds at cost

Asset
SOR (asset)
Bs(FA)

2

Stock (opening and closing)

Asset
SOR(asset)
Bs(CA)

3

Equipment at cost
Fixtures and fittings at cost

Asset
SOR(asset)
Bs(FA)

4

Motor vehicles at cost

Asset
SOR(asset)
Bs(FA)

5

Shop debtors (opening and closing )

Asset
SOR(asset)
Bs(Ca)

6

Income due at the start of the year
Eg. Investment income due, client fees due

Asset
SOR(asset)

7

Income due at the end of the year
Eg. Investment income due, clients fees due

Asset
Bs(CA)

8

Investments

Asset
SOR(asset)
Bs(financial asset)

9

Opening bank balance (on receipts side)

Asset
SOR(asset)

10

Closing bank balance ( on payments side )

Asset
Bs(Ca)

11

Any expenses prepaid at the start of the year
Eg. Wages prepaid, contract cleaning prepaid

Asset
SOR(asset)

12

Any expenses prepaid at the end of the year
Eg. Wages prepaid, contract cleaning prepaid

Asset
Bs(Ca)

13

Income earned during the year
Eg. Investment income for year, shop profit, client fees

Income
P+L (income)

14

Issued share capital

Liability
SOR(liability)
Bs(FB)

15

Authorised share capital

Bs(FB)

16

Revaluation reserve

Reserves
Bs(FB)

17

Creditors (opening and closing

Liability
SOR(liability)
Bs(creditors: amounts falling due within 1 year-closing creditors)

18

Loan

Liability
SOR(liability)
Bs(FB)

19

Any expenses due at the start of the year
Eg. Loan interest due, wages due

Liability
SOR(liability)

20

Any expenses due at the end of the year
Eg. Loan Interest due, wages due

Liability
Bs(creditors amounts falling due within 1 year)

21

Any income prepaid at the start of the year
Eg. Clients fees prepaid

Liability
SOR(liability)

22

Any income prepaid at the end of the year
Eg. Clients fees prepaid

Liability
Bs( creditors amounts falling due within 1 year )

23

Expenses incurred during the year
Eg. Light and heat, depreciation, loan interest for the year, loss in the sale of a fixed asset

Expense
P+L(expense)