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Stack #56160

Incomplete records

QuestionAnswer
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
Created by: amandacavanagh
 

 



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