Debits and Credits!!

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  • Created by: gahrace
  • Created on: 17-12-15 17:56
The account which GAINS value, records an asset or expense
DEBIT
1 of 18
The accout which GIVES value, records liabilities or an income item
CREDIT
2 of 18
Purchases of goods for resale
Debit
3 of 18
Sales Returns (returns in)
Debit
4 of 18
Sales
Credit
5 of 18
Non-currant assets for use in the business
Debit
6 of 18
Expenses
Debit
7 of 18
Purchase returns (returns out)
Credit
8 of 18
Income received
Credit
9 of 18
Trade payables
Credit
10 of 18
Money paid out through cash or bank account
Credit
11 of 18
Capital introduced by owner into the business
Credit
12 of 18
Trade receivables
Debit
13 of 18
Money received through cash or bank account
Debit
14 of 18
Loan received
Credit
15 of 18
Drawings
Debit
16 of 18
Liability (something owed by the business)
Credit
17 of 18
Asset (something owned by the business)
Debit
18 of 18

Other cards in this set

Card 2

Front

The accout which GIVES value, records liabilities or an income item

Back

CREDIT

Card 3

Front

Purchases of goods for resale

Back

Preview of the front of card 3

Card 4

Front

Sales Returns (returns in)

Back

Preview of the front of card 4

Card 5

Front

Sales

Back

Preview of the front of card 5
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