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CIMA F1: Help with Debits and Credits

Forums › CIMA Forums › CIMA F1: Help with Debits and Credits

  • This topic has 1 reply, 2 voices, and was last updated 7 years ago by Kumbirai.
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  • January 24, 2018 at 10:35 am #432596
    James
    Participant
    • Topics: 4
    • Replies: 0
    • ☆

    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
    Member
    • Topics: 0
    • Replies: 1
    • ☆

    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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