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Debits & Credits

E StoreyE Storey Feels At HomeRegistered Posts: 32
does anyone know any good mnemonics for sorting out debits & credits?

If not - perhaps we need a competition to invent one! :001_wub:

Comments

  • jenny3549jenny3549 Trusted Regular Registered Posts: 472
    Not sure if it's any good but you could try - DALE for debits and CLIP for credits:

    D Debtors
    A Assets
    L Losses
    E Expenses

    C Creditors
    L Liabilities
    I Income
    P Profits
  • HembersHembers Just Joined Registered Posts: 1
    In T A/c Format

    Drs - Crs

    PEA - RLS

    Purchases
    Expenses
    Assets

    Revenue
    Liabilities
    Sources of Finance

    also



    DEAD - CLIC

    Debits
    Expense
    Assets
    Dividends

    Credits
    Liabilities
    Income
    Capital
  • beckylnbeckyln Feels At Home Registered Posts: 52
    I also use DEAD & CLIC but I found in the exam it was good to write it out as:

    I/s
    Debit - Expense Credit - Income

    SOFP
    D- Assets Credit - Liabilities
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