lost in t accounts
heidi
Registered Posts: 11 New contributor ๐ธ
hi there im new to this so bare with me. i really need in laymans terms, i just dont understand what goes were in t accounts. sales,main,vat,cash accounts i get why we need them is just puting the right figures on the right side. any help would be greatful thanx :crying::001_unsure:
0
Comments
-
lost in t accounts
hi im new to all of this so bare with me. im at lincoln college studying foundation aat accounts really enjoying it at the mo and want to do well but im starting to struggle. t accounts is really getting me down at the moment im struggling with which side of the account do you put your figures dr/cr i understand which accounts are what like vat,sales,sales return,main ledger,subsidery accounts. any help or advice would me most greatful at the moment as i have an exam next week. thanx h:001_unsure:0 -
Remember these two words - DEAL & CLIP
DEAL (left hand side)
Debtors - People who owe us money
Expenses - Bills, Purchases, Sales Returns etc
Assets - Fixtures & Fittings, Cars, Property etc
Loss - on Profit and Loss account
Increase value on the left, decrease on the right
CLIP (right hand side)
Creditors _ People we owe money to
Liabilities - Loans
Income - Sales, Purchase Returns, Rent received etc.
Profit - on Profit & Loss account
Increase value on the left, decrease on the right0 -
Hi,
This was something i struggled in at first as well. I've always been told you Debit your Purchases and Credit your Sales. I hope this helps.:001_smile:
It got it to click with me:001_smile:0 -
thanx alot for the help. ive got a mini exam in a fortnight and im bricking it because i know that the t accounts side is going to let me down. thanx muchly xxxx0
-
Your welcome:001_smile:. You will be ok, its just practice, thats what i found really helped. The more i done it the easier it became.
Your exams are early, did you start in september? I started the foundation course this september.
Hope it works out:001_smile:0 -
hi
hi there again how ya doin?
my exam is really a skills test but i really wanna do well thats all because they go in our portfolio.
i started in september at lincoln college were are you?
hope to speak to ya soon xxxxx heidi:thumbup::001_tt2:0 -
Hi,
I'm good thanks. Its all nerve wracking, I started in September as well. I'm studying in Essex. Its gots to be done for the kids:thumbup1:
Hope your doing ok/:001_tt2:0 -
welshwizard wrote: ยปRemember these two words - DEAL & CLIP
DEAL (left hand side)
Debtors - People who owe us money
Expenses - Bills, Purchases, Sales Returns etc
Assets - Fixtures & Fittings, Cars, Property etc
Loss - on Profit and Loss account
Increase value on the left, decrease on the right
CLIP (right hand side)
Creditors _ People we owe money to
Liabilities - Loans
Income - Sales, Purchase Returns, Rent received etc.
Profit - on Profit & Loss account
Increase value on the left, decrease on the right
I've seen something very similar to this...
DEAD CLIC
D - Debtors
E - Expenses ALL ON THE DR SIDE
A - Assets
D - Drawings
C - Capital
L - Liabilities ALL ON THE CR SIDE
I - Income
C - Creditors
This stands for any INCREASES (i.e. an increase in a liability is a Cr to the liability T account, an increase in an Expense is a Dr in the expense account),
therefore when things DECREASE the saying is swapped to CLIC (Dr) DEAD (Cr).
Lily xxxxxxxxxxxxxxxxxxxxxxxxxxxxx0
Categories
- All Categories
- 1.2K Books to buy and sell
- 2.3K General discussion
- 12.5K For AAT students
- 323 NEW! Qualifications 2022
- 165 General Qualifications 2022 discussion
- 11 AAT Level 2 Certificate in Accounting
- 56 AAT Level 3 Diploma in Accounting
- 88 AAT Level 4 Diploma in Professional Accounting
- 8.8K For accounting professionals
- 23 coronavirus (Covid-19)
- 272 VAT
- 92 Software
- 273 Tax
- 135 Bookkeeping
- 7.2K General accounting discussion
- 200 AAT member discussion
- 3.8K For everyone
- 38 AAT news and announcements
- 345 Feedback for AAT
- 2.8K Chat and off-topic discussion
- 582 Job postings
- 16 Who can benefit from AAT?
- 36 Where can AAT take me?
- 42 Getting started with AAT
- 26 Finding an AAT training provider
- 48 Distance learning and other ways to study AAT
- 25 Apprenticeships
- 66 AAT membership