Credit Transfer

System
System Posts: 100,534 🤖 Admin 🤖
edited 10:24AM in AAT student discussion
Hi!

I have come to a quiestion which I am stuck on!

I have a standing order schedule and a credit transfer Schedule.

In the credit transfer I have £6000 and on the statement I can see this is money paid in.

I am stuck on which T Account to put it!!

will it be - Debtors acc, creditors acc, loan acc or bank charges & interest (these are the only T Accounts given!?)

Thanks!


Comments

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Credit Transfer

    Reconciling Bank Statement and Cashbook?

    Hang on! This IS a Foundation level question isn't it? I don't want make a fool of myself again... :oops:

    Looking at info given - Debtors account (credit).

    Money paid in.
    Interest or bank charges of £6000 would be unusual... (unless it is a very big company...) :lol:
    Creditors would be money out (ie you're paying them)
    [added later - bank charges would be Out, as well...]

    Loan account depends on whether it is your debt (liability) - more likely, or someone else owes you, less likely. Does the name for Loan acc match the company name on the payment (ie BACS advice slip, etc)?

    Does that help? :D
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Credit Transfer

    Yes it is a foundation question!!

    well all its says is OLJ Ltd, so yeah i guess it probably is a debtor!!?

    You do think of things logically Toadface, I wish i had try to do that first !! :oops:
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Credit Transfer

    No worries...

    It's just getting used to the wordings etc.

    Sometimes they give you hints, by drawing up the accounts you will be using, etc. So it is being aware of all the bits that they have in question.

    Take your time while practicing. Get used to dealing with questions without hurrying them. Once you get a handle on what is involved, then speed up to meet your deadlines, etc.

    Look at all the bits of paper they have given you. (Awkward, I know - as they insist on putting purchase orders on the opposite side from sales invoices, etc.)

    If necessary, do it both ways to see the difference, for your own benefit... :thumbup:

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