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Double entry bookkeeping

Forums › ACCA Forums › ACCA FA Financial Accounting Forums › Double entry bookkeeping

  • This topic has 3 replies, 2 voices, and was last updated 6 years ago by John Moffat.
Viewing 4 posts - 1 through 4 (of 4 total)
  • Author
    Posts
  • November 4, 2018 at 9:49 am #483735
    anama
    Member
    • Topics: 10
    • Replies: 12
    • ☆

    Apologies if this comes across as very straightforward and simple. I’m looking at some double entry test questions.

    Q: During the year, Ferguson made the following accounting entries to account for the depreciation charge relating to motor vehicles:

    – Debit Accumulated depreciation – motor vehicles $5,000
    – Credit Depreciation expense – motor vehicles $5,000

    A:

    – Debit Depreciation expense $10,000
    – Credit Accumulated depreciation $10,000

    Am I right in saying that the above answer is a correction, as in it’s cancelling out the incorrect booking made by Ferguson and then accounting for it correctly?

    November 4, 2018 at 10:24 am #483751
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54682
    • ☆☆☆☆☆

    Yes – what you have written is correct 🙂

    The answer is the correcting entry.

    November 4, 2018 at 6:05 pm #483807
    anama
    Member
    • Topics: 10
    • Replies: 12
    • ☆

    Thanks John 🙂

    November 5, 2018 at 8:01 am #483851
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54682
    • ☆☆☆☆☆

    You are welcome 🙂

    (In future please ask in the Ask the Tutor Forum if you want me to answer – this forum is for students to help each other 🙂 )

  • Author
    Posts
Viewing 4 posts - 1 through 4 (of 4 total)
  • The topic ‘Double entry bookkeeping’ is closed to new replies.

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