6. What is the double entry for loss on disposal account?
DR profit or loss CR disposal account
DR disposal account CR profit or loss account
DR non current asset CR disposal
DR accumulated depreciation CR disposal
7. What is the double entry for creating a suspense account?
DR purchases DR suspense CR payables
DR suspense CR sales
DR purchases DR VAT CR sales
DR expense DR suspense CR income
8. What is the double entry for VAT on cars?
You can't reclaim VAT back on motor vehicles
DR non current asset CR cash
DR non current asset CR VAT
You can only reclaim VAT back if the car is 2015 +
9. What is the double entry for depreciation?
DR machinery at cost CR machinery accumulated depreciation
DR expense account CR depreciation
DR depreciation CR accumulated depreciation
DR accumulated depreciation CR depreciation
10. What is the double entry for making allowance bigger?
DR doubtful debt expense CR irrecoverable debt expense
DR P&L CR sales
DR doubtful debt expense CR allowance for doubtful debts
DR cash CR allowance for doubtful debts
11. What is the double entry for opening inventory?
DR disposal CR inventory
DR inventory CR opening inventory
DR opening inventory CR inventory
DR closing inventory CR opening inventory
12. What is the double entry for accrued income?
DR sales CR deferred income
DR accrued income CR sales
DR sales CR accrued income
DR sales CR accrued income
13. What is the double entry for closing inventory?
DR inventory CR closing inventory
DR closing inventory CR inventory
DR inventory CR cash
DR cash CR opening inventory
14. What is the double entry for a credit purchase?
DR cash CR non current asset
DR non current asset CR trade payables
DR trade payables DR non current asset
DR expense CR accrual
15. What is the double entry for making allowance smaller?
DR irrecoverable debt expense CR sales
DR PLCA CR expense
DR allowance for doubtful debts CR doubtful debt expense
DR provision for doubtful debts CR irrecoverable debt expense
16. What is the double entry for bad debts written off but paid?
DR cash CR doubtful debt expense
DR cash CR irrecoverable debt expense
DR allowance/provision for doubtful debts CR irrecoverable debt expense
DR loan CR irrecoverable debt expense
17. What is the double entry for revenue expenditure?
DR P&L CR disposal
DR purchases CR cash payables
DR expense account CR cash
DR expense CR accrual
18. What is the double entry for part exchange?
DR disposal account CR non current asset cost, DR accumulated depreciation CR disposal, DR non current asset cost CR disposal account, DR non current asset cost CR cost
DR part exchange CR sales
DR disposal CR sales, DR non current asset CR depreciation
DR sales CR part exchange
19. What is the double entry for profit on disposal account?
DR disposal account CR profit or loss account
DR profit or loss account CR disposal
DR non current asset CR disposal
DR accrual CR disposal
20. What is the double entry for settlement discount?
DR trade payables CR discounts allowed
DR receivables CR sales, DR cash CR receivables, DR cash CR receivables, DR discounts allowed CR receivables
DR settlement discount CR cash
DR bank CR trade payables, DR trade discounts CR settlement discount
