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Title: Accounting: Prepaid & Accruals (O-level & AS)
Description: Treatment of: 1) accrued expenses and Income 2) Prepaid expense & Income with numerical examples and T-accounts
Description: Treatment of: 1) accrued expenses and Income 2) Prepaid expense & Income with numerical examples and T-accounts
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Expense
Income
Profit and Loss:
Subtract (–) closing balance
[Next Year’s expense]
Profit and Loss:
Subtract(–) closing balance
[Next Year’s Income]
Add (+) opening balance
[This Year’s Expense]
Prepaid
Add (+) opening balance
[This Year’s Income]
Balance Sheet: Current Asset
Balance b/d: Debit (Dr)
Balance b/d: Credit (Cr)
Balance c/d: Credit (Cr)
Owing
Balance Sheet: Current Liability
Balance c/d: Debit (Dr)
Profit and Loss:
Add (+) closing balance
[This Year’s expense]
Profit and Loss:
Add (+) closing balance
[This Year’s Income]
Subtract(–) opening balance
[Last Year’s Expense]
Subtract (–) opening balance
[Last Year’s Income]
Balance Sheet: Current Liability
Balance Sheet: Current Asset
Balance b/d: Credit (Cr)
Balance b/d: Debit (Dr)
Balance c/d: Debit (Dr)
Balance c/d: Credit (Cr)
PROVISION FOR DOUBTFUL DEBTS
Balance b/d
P/L (Decrease in Provision)
xx
P/L (increase in Provision)
Balance c/d
xxx
Increase in Provision for Doubtful Debts – Expense
Decrease in Provision for Doubtful Debts – Other Income
xxx
xx
Discount Received
xxx
Creditors
Profit and loss
...
xxx
Profit And Loss
Debtors
xxx
Discount received – Income
Discount Allowed – Expense
Disposal A/C
...
g: van (at cost)
Loss on Sale
Profit and Loss A/C (Extract)
Gross Profit
Other Incomes:
Decrease in Provision for Doubtful
Discount Received
Profit on Sale of Fixed Asset
Expense:
Increase in Provision for Doubtful Debts
Discount Allowed
Loss on Sale of Fixed Asset
xxx
xx
xx
...
X and Y ratio is 2:3
Gain on revaluation: X
Y
Revaluation A/C
$ 4 000
Premises
$ 6 000
$10 000
Balance b/d
Revaluation
Premises
$20 000
$10 000
Balance c/d
$30 000
$10 000
Title: Accounting: Prepaid & Accruals (O-level & AS)
Description: Treatment of: 1) accrued expenses and Income 2) Prepaid expense & Income with numerical examples and T-accounts
Description: Treatment of: 1) accrued expenses and Income 2) Prepaid expense & Income with numerical examples and T-accounts