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Share Mnemonics.

Forums › ACCA Forums › ACCA FA Financial Accounting Forums › Share Mnemonics.

  • This topic has 1 reply, 1 voice, and was last updated 12 years ago by soar.
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  • April 8, 2013 at 10:15 pm #121937
    soar
    Member
    • Topics: 20
    • Replies: 35
    • ☆☆

    For Example:
    The Receivables Control Ledger proforma T account has 5 possible types of entry on the Dr side and 5 on the credit side as follows.

    DR………….Receivables…………..CR
    Balance bf……………….Cash Receipts
    Credit Sales……………..Irrecoverable Debts Expense
    DH Cheques…………….Discounts Allowed
    Refunds…………………..Sales Returns
    Interest…………………….Contra

    Once you can remember the Receivables T account, payables is easy to remember:
    DR……………Payables……………CR
    Cash Paid………………….Balance bf
    Discounts Received…….Credit Purchases
    Returns In………………….Refunds
    Interest………………………Contra

    Then you can use this as a trigger: Rec 5T5 Pay 4T4

    May 4, 2013 at 5:33 pm #124534
    soar
    Member
    • Topics: 20
    • Replies: 35
    • ☆☆

    Remember REACT for accruals and prepayments.
    R…..Reverse
    E……Enter
    A……Adjust
    C.T. ..Close T-accounts

    In detail..
    For prepayments each year we go through 4 steps:
    1 reverse prepayments brought forward…..dr expense cr prepayments
    2 enter payments during period………………dr expense cr cash
    3 enter any prepayments at the end of the period..
    dr prepayments (and balance goes to SFP) cr expense
    4 close of accounts, transfer to IS……………dr IS cr Expense

    and same 4 steps for Accruals:
    dr accruals cr expense
    dr expense cr cash
    dr expense cr accruals (goes to SFP)
    dr IS cr expense

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