Double Entry Help!!

System
System Posts: 100,534 🤖 Admin 🤖
edited 10:23AM in AAT student discussion
Can anyone tell me a simple way of remembering what items are debits/credits ie: assets, expenses, sales, purchases, etc.<BR><BR>It's in my head somewhere but I just seem to get lost every time I start putting balances into the accounts, is there an easy way to remember??

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  • System
    System Posts: 100,534 🤖 Admin 🤖
    Double Entry Help!!

    Try this DEAD CLIC<BR><BR><BR>Dr<BR>Expenses (P&L)<BR>Assets (Balance Sheet)<BR>Drawings (Balance Sheet)<BR><BR>Cr<BR>Liabilities (Balance Sheet)<BR>Income (P&L)<BR>Capital (Balance Sheet)<BR>
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Double Entry Help!!

    Thats just what I needed - something easy to remember! <BR><BR>Thank you!!!
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Double Entry Help!!

    Hi there<BR><BR>You can also remember PEARLS<BR><BR>Purchases<BR>Expenses<BR>Assets<BR>Revenue<BR>Liabilities<BR>Sales<BR><BR>The PEA items are all Debits<BR>The RLS items are all Credits<BR><BR>Drawings are a Debit (It begins with D!)<BR>Capital is a Credit (It begins with C!)<BR><BR>Discounts Allowed is a Debit<BR>Discounts Received is a Credit<BR>(I remember these simply as A for Allowed comes before R for Received in the alphabet, and Debits come before Credits). I know this one is a bit harder to remember but it always works for me!!<BR><BR>Hope this is also of help to you.<BR><BR>Tracy
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Double Entry Help!!

    Absolutley Brill, just what i needed. <BR><BR>Cheers.<BR><BR>Georgie<BR>
  • System
    System Posts: 100,534 🤖 Admin 🤖
    columbia

    your a legend in your own right <BR><BR>cheers <BR><BR>rob
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Double Entry Help!!

    Hai all <img src="i/expressions/face-icon-small-smile.gif" border="0"><BR><BR>I use DALE and CLIP.<BR><BR>D- Debtors<BR>A- Assets ( Buildings, lands)<BR>L-Losses ( Bad debt)<BR>E- Expenditure ( Electricity, Water, Rent & Rates)<BR><BR><BR>C-Creditors<BR>L-Liabilities<BR>I-Income ( Rent received from a Building)<BR>P-Profit<BR><BR>Hope this works and DISCOUNT ALLOWED is in the DEBIT side in the cash book so, you enter it in the Debit side when you open an Account.<BR><BR>And DICOUNT RECEIVED is CREDIT side in the cash book so, enter it in the Credit side in the Account.<BR><BR><BR>Hope you can use this it worked for my exam last November<BR><BR>Bye for now!<BR>
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Double Entry Help!!

    Thanx for the tips, what about Purchase returns and Sale returns? Any other short ways to remember?<BR><BR>Ali
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Double Entry Help!!

    another way is ALIE with a sideways smilie face!<BR><BR>A X<BR>L X<BR>I X<BR>E X<BR><BR>The X's are on the Dr or CR side<BR><BR>Assets DR<BR>Liability CR<BR>Income CR<BR>Expenses Dr<BR><BR>Just another one to help - it works brilliantly when needing to discuss Profit and Loss accounts and Balance Sheets, as the top two are in the B/S and the bottom two are the P & L account!<BR><BR>Jo

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