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CIMA F1: Help with Debits and Credits

This topic has 1 reply, 2 voices, and was last updated 6 years ago by Kumbirai.

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January 24, 2018 at 10:35 am #432596
James
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Revising for CIMA F1, I’m realising how rusty I am with Debits and Credits.
Just wanted some advice to make sure i’m on track;
I know…
DR Bank/Cash – for income
CR Bank/Cash – for payments
What’s confusing me is loan liabilities, say a loan isn’t payable until 2020.
Is that CR Loan Liability?
and the other side is just DR Loan?
June 19, 2018 at 3:43 pm #459406
Kumbirai
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Foe any entry they are 2 legs(if i can say).
Use this trick it might help you
Accronym DEAD CLIC
Debit Expenses, Assets, Debtors and Credit Liabilities, Income, Creditors.
Loan remains a liability as long as we have an obligation to pay, never mind the date.
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