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Flashcards in Sole Trader Final Accounts Deck (24):
1

Buildings and grounds at cost

Asset
Bs(fixed asset)

2

Stock ( opening and closing )

Asset
Trading P+L (Cos)
Bs (Ca)

3

Equipment at cost
Fixtures and fittings at cost

Asset
Bs (FA)

4

Motor vehicles at cost

Asset
Bs(fa)

5

Closing debtors
Provision for bad debts

Asset
Bs(ca)
-closing debtors in Bs

6

Sales

Income
Trading

7

Sales returns

Reduction in income
- sales figures in T a/c

8

Purchases

Expense
T (cos)

9

Purchases returns

Reduction in expense
- purchases fig in T a/c (cos)

10

Carriage inwards

Expense
T (cos)

11

Income due at the end of the year
Eg investment income due

Asset
Bs (ca)

12

Investments

Asset
Bs ( financial assets )

13

Patents

Asset
Bs ( intangible asset )

14

Closing bank balance

Asset (DR fig ) / Liability (CR fig )
Bs (ca DR fig)
Bs ( creditors: amounts falling due within 1 year CR fig )

15

Any expenses prepaid are the end of the year
Eg. Wages prepaid, advertising

Asset
Bs (ca)

16

Vat/prsi/usc

Liability
Bs( creditors: amounts falling due within 1 year )

17

Gains earned during the year
Eg discount received, decrease in provision for bad debts

Income / Gain
P+L ( Gains)

18

Closing creditors

Liability
Bs( creditors : amounts falling due within 1 year )

19

Loan

Liability
Bs ( Fb: creditors: amounts falling due after 1 year )

20

Loan interest for year

Expense
P+L ( - from operating profit )

21

Any expense due at the end of the year
Eg loan interest due, wages due

Liability
Bs ( creditors : amounts falling due within 1 year )

22

Administration expenses incurred during the year
Eg. Wages and salaries, general expenses, depreciation on office équipement

Expense
P+L (admin expense )

23

Selling and distribution expenses incurred during the year eg. Commission, advertising, depreciation on motor vehicles

Expense
P+L ( selling and distribution expense )

24

Drawings

Used for personal use
Bs (Financed by )