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Ledger Accounts

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › Ledger Accounts

  • This topic has 3 replies, 2 voices, and was last updated 6 years ago by John Moffat.
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  • April 18, 2016 at 11:30 am #311134
    nokthu
    Member
    • Topics: 11
    • Replies: 11
    • ☆

    Kindly help, i usually get confused though i watched the lecture. My question is I managed to answer all the other questions except for the two.

    To extract the TB you enter the information in appropriate ledger accounts. am not sure about the following:

    1. Depreciation charge of K1,500. I, DR depr expense a/c $1,500
    CR statement OFP $ 1,500
    Which one do i record in the trial balance?

    2. cash prepaid of $900 for rent and owing amounting to $500 for water. This one got me confused on how to write the ledger accounts and what to record for the trial balance.

    kindly explain sir.

    April 18, 2016 at 1:27 pm #311250
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 51532
    • ☆☆☆☆☆

    The trial balance is usually prepared immediately the bookkeeping has finished, but before doing the year-end adjustments (depreciation, accruals and prepayments, irrecoverable and doubtful debts, and inventories).

    So for 1, in the TB will appear the balance on the Accumulated depreciation account before entering this years depreciation.

    For 2, the TB will again be prepared before making the entries for the prepayment and the accrual and therefore what will appear is the balance on each of the two accounts before those entries are made.

    I don’t know which lecture you have watched, but if you watch the lectures in chapter order then the entries for depreciation and for accruals and prepayments are all covered in full.

    April 18, 2016 at 1:37 pm #311262
    nokthu
    Member
    • Topics: 11
    • Replies: 11
    • ☆

    Thank you Sir.

    April 18, 2016 at 1:55 pm #311281
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 51532
    • ☆☆☆☆☆

    You are welcome 🙂

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