Extended trial balance adjustements

tawny75

I am having a blank day

Our tutor gives us old AAT exams to practise on and I am confused. On my ETB i have to adjust for an increase in Bank interest and a change in the Work in progress amount. I can't for the life of me work out what the double entry will be.

Eg

To adjust the bank interest payable I need to debit Bank Interest but what do I credit?

The Work in progress amount on the ledger is £84668.45 but the memo states it should be £72300 I know that I credit the WIP account 12368.45 but what is the double entry

it is late and I am tired and I can't see for looking!!!

crispy

Hello,

This is what I would of done (hopefully is ok )

First One Debit Bank Interest (P&L), Credit Accruals (BS)

For the WIP I would Dr Stock (Finished Goods) (BS)£ 12,368.45, Cr WIP (BS) £ 12,368.45

You probably had already worked this out, but if not hope I have I helped.

tawny75

I hadn't so thank you It all balanced ....eventually