Incomplete records
Quiz yourself by guessing what should be in
each of the black rectangles below before clicking
on it to display the answer.
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| Flap 2 | |
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| To find a missing sales figure you would.... | Create a debtors account and fill in opening and closing balance and payments made to bank. |
| To find a missing purchases figure you would..... | Create a creditors account and fill in opening and closing creditor balances and payments made from the bank |
| An opening accrual is on the ........ side of the T account | Credit |
| An opening prepayment is on the ........ side of the T account | Debit |
| In an expense account the profit and loss entry is generally on the .......side of the T account | Credit |
| Prepayments on the balance sheet go under.... | Current assets |
| Accruals on the balance sheet go under....... | Current liabilities |
| When transferring money from cash to bank the entries are.... | DR Bank CR Cash |
| Opening capital is calculated by | Adding opening assets and deducting opening liabilities |
| An easy way to calculate profit is by calculating closing capital less..... | Opening capital plus drawings less capital introduced |
| Closing prepayment is on the .......side of the T account | Credit |
| Closing accrual is on the ........ side of the T account | Debit |
| When you pay an expense the double entry is: | DR Expense CR Bank |
| Mark up | % added to the cost of goods sold (or purchases) to calculate the selling price |
| Margin | % of profit made calculated by reference to the selling price |
| Cost of goods sold | Opening stock plus purchases less closing stock |
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