Advanced Bookkeeping Double Entries - DR/CR

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What is the double entry for capital expenditure?
DR non current asset CR cash
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What is the double entry for revenue expenditure?
DR expense account CR cash
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What is the double entry for a cash purchase?
DR non current asset CR cash
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What is the double entry for a credit purchase?
DR non current asset CR trade payables
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What is the double entry for borrowing from the bank?
DR cash CR bank loan, DR non current asset CR cash
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What is the double entry for purchase of a non current asset?
DR non current asset CR cash/payable
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What is the double entry for depreciation?
DR depreciation CR accumulated depreciation
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What is the double entry for profit on disposal account?
DR disposal account CR profit or loss account
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What is the double entry for loss on disposal account?
DR profit or loss CR disposal account
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What is the double entry for an accrual?
DR expense CR accrual
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What is the double entry for a prepayment?
DR prepayment CR expense
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What is the double entry for deferred income?
DR sales CR deferred income
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What is the double entry for accrued income?
DR accrued income CR sales
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What is the double entry for purchasing inventory?
DR purchases CR cash payables
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What is the double entry for selling inventory?
DR cash/receivables CR cash
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What is the double entry for closing inventory?
DR inventory CR closing inventory
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What is the double entry for opening inventory?
DR opening inventory CR inventory
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What is the double entry for sales on credit?
DR receivables/SLCA CR sales
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What is the double entry for a customer paying sales on credit?
DR cash CR receivables/SLCA
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What is the double entry for irrecoverable debts?
DR irrecoverable debt expense CR receivables/SLCA
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What is the double entry for doubtful debt allowance?
DR doubtful debt expense CR allowance/provision for doubtful debts
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What is the double entry for bad debts written off but paid?
DR cash CR irrecoverable debt expense
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What is the double entry for making allowance bigger?
DR doubtful debt expense CR allowance for doubtful debts
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What is the double entry for making allowance smaller?
DR allowance for doubtful debts CR doubtful debt expense
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What is the double entry for sales returns?
DR sales returns CR receivables
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What is the double entry for purchase returns?
DR payables CR purchase returns
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What is the double entry for contra?
DR payables CR receivables
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What is the double entry for a trade discount?
DR receivables CR sales
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What is the double entry for receiving a settlement discount?
DR payables CR discounts received
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What is the double entry for creating a suspense account?
DR purchases DR suspense CR payables
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What is the double entry for sales with VAT?
DR receivables CR VAT CR sales
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What is the double entry for purchases with VAT?
DR purchases DR VAT CR payables
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What is the double entry for VAT on cars?
DR non current asset CR cash
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What is the double entry for settlement discount?
DR receivables CR sales, DR cash CR receivables, DR cash CR receivables, DR discounts allowed CR receivables
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What is the double entry for specific allowance?
DR receivables/SLCA CR sales
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What is the double entry for specific allowance gone bad?
DR doubtful expense CR allowance for doubtful debts
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What is the double entry for specific allowance being recovered?
DR cash CR receivables, DR allowance for doubtful debts CR bad/doubtful debt expense
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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
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Other cards in this set

Card 2

Front

What is the double entry for revenue expenditure?

Back

DR expense account CR cash

Card 3

Front

What is the double entry for a cash purchase?

Back

Preview of the front of card 3

Card 4

Front

What is the double entry for a credit purchase?

Back

Preview of the front of card 4

Card 5

Front

What is the double entry for borrowing from the bank?

Back

Preview of the front of card 5
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