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Trial Balance.

AlysonAlyson Just JoinedRegistered Posts: 4
Hi,
Can anyone help me remember my trial balance, i am always forgetting where to put things.
Has anyone got any tips to help me remember.
Thank you
Alyson :001_smile:

Comments

  • A-VicA-Vic Expertise Guaranteed Registered Posts: 6,970
    Hi Alyison

    Have you tried pearls?

    Debits

    Purchases
    Expenses
    Assets

    Credits

    Revenue
    Liabilty
    Sales

    Hence PEA/ARLS
  • AlysonAlyson Just Joined Registered Posts: 4
    thats great thanks that is just what i need.
    :thumbup:
  • A-VicA-Vic Expertise Guaranteed Registered Posts: 6,970
    No problem glad to be of help :001_smile:
  • columbiacolumbia Experienced Mentor Registered Posts: 580
    Oi A-Vic, you beat me to it!!! :001_tt2:
  • A-VicA-Vic Expertise Guaranteed Registered Posts: 6,970
    columbia wrote: »
    Oi A-Vic, you beat me to it!!! :001_tt2:

    Whats the Dead and clic one? i could never remember them ones?

    O and Nar na na nar na :lol:
  • Paul24Paul24 Experienced Mentor Registered Posts: 578
    Debit Expense Asset Drawings
    Credit Liability Income Capital
  • farmergilesfarmergiles Font Of All Knowledge Registered Posts: 1,693
    drive (debits) on the left, crash(Credits) on the right.
  • Paul24Paul24 Experienced Mentor Registered Posts: 578
    drive (debits) on the left, crash(Credits) on the right.

    Debits go on the side nearest the window
  • A-VicA-Vic Expertise Guaranteed Registered Posts: 6,970
    Paul24 wrote: »
    Debits go on the side nearest the window

    lol :lol::lol::lol::lol:
  • dobbieobbydobbieobby Well-Known Registered Posts: 231
    :lol:
  • DIPS6369DIPS6369 Settling In Nicely Registered Posts: 17
    Hi Alison

    The easiet way to remember the posting to the trial balance, as i have i have done this years, is to break it down into two parts

    AE -> Accident & Emergency = Debits
    DILC -> Dreamt I Like Chocolate = Credits

    AE -> Assests; Expenses
    DILC -> Drawing; Income; Liabilities; Capital

    Hope this will be easier to remember

    Dipak
  • Paul24Paul24 Experienced Mentor Registered Posts: 578
    DIPS6369 wrote: »
    The easiet way to remember the posting to the trial balance, as i have i have done this years, is to break it down into two parts

    AE -> Accident & Emergency = Debits
    DILC -> Dreamt I Like Chocolate = Credits

    AE -> Assests; Expenses
    DILC -> Drawing; Income; Liabilities; Capital

    Hope this will be easier to remember

    Dipak

    Great - except drawings are debited

    Has it balanced for years?
  • DIPS6369DIPS6369 Settling In Nicely Registered Posts: 17
    Hi Paul,

    Thanks for correcting the error. But when we did this in class, we were told that Drawing was credit, but you are right, having checked the actual TB this is debit not a credit. Thanks again
  • CullenCullen Experienced Mentor Registered Posts: 592
    I always remembered that if you owe it, it's a credit. So all bank payments, loans, overdrafts, balances due to HMRC and capital (owed to the owner) are credits.

    Expenses and assets such as cash in the bank, fixed assets and stock are debits.

    Discount received is a credit because it has a c in it...(works for me...) and drawings is a debit because it starts with a d ( ok I know my system gets a bit ropy after this...)

    As long as you can remember that sales and any other income is a credit, then you can work out most of the double entry from this.
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