Journals

System
System Posts: 100,534 🤖 Admin 🤖
edited 10:24AM in AAT student discussion
I am having real difficulty in understanding how to do journal entries – does anybody have any hints or advice that could help me. Got my Unit 3 SIM next week and am not looking forward to it!!!

:roll:

Comments

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Journals

    What is it you don't get? Is it remembering what does where and if it is a debit or credit?

    Try DEAD CLIC:

    DEBITS
    Expenses
    Assets
    Drawings

    CREDITS
    Liabilites
    Income
    Capital

    Debits on the left and credits on the right!
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Journals

    Hiya,

    I have just had my unit 3 SIM, I remember how to do journals and arrange assets etc by PEARLS:

    DEBITS=
    Purchases
    Expenses
    Assets

    CREDITS=
    Revenue (Income)
    Liabilities
    Sales

    I struggled with journals for a while, as soon as you grasp it you get the flow and will not forget how to do them.

    I manage to do my journals by drawing a scruffy T account showing the mistake on one side, and then how I need to correct it on the opposite side. This is my working out before I answer the question.

    You do need to know your double entry as it is certainly a good test for that!

    Don't worry though, everyone struggles with something, I am only just getting there with it all and am enjoying it now.

    Good luck!

    Bex :D

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Journals

    The best way i have found in remembering which side for debits and credits is as follows-

    DR- Assets, Receipts,Expenses

    CR -Capital,Liabilites,Income,Payments

    Remember ARE CLIP. Hope this helps. Ive found journals the hardest to learn. Good luck in the exam.

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