Debits & Credits

E Storey

does anyone know any good mnemonics for sorting out debits & credits?

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

jenny3549

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

Hembers

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

beckyln

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