Advice would b much appreciated

System
System Posts: 100,534 🤖 Admin 🤖
edited 10:23AM in AAT student discussion
Hi,<BR>I'm currently doing my unit 1 skills test for RIAR. I'm soooo stuck on posting my cash receipts book to my Main ledger accounts Dr or CR.<BR>Can any one help ??<BR>cheers

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  • System
    System Posts: 100,534 🤖 Admin 🤖
    Advice would b much appreciated

    Hi<BR><BR>Receipts are a debit entry in the main ledger.<BR><BR>You can remember entries by the following;<BR><BR> DEBITS CREDITS<BR><BR>P PURCHASES<BR>E EXPENSES<BR>A ASSETS<BR>R REVENUE<BR>L LIABILITIES<BR>S SALES<BR><BR>Cash is an asset so therefore a debit.<BR><BR>Hope this helps.<BR><BR>Tracy
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Advice would b much appreciated

    Sorry<BR><BR>My computer was playing up a bit, the first 3 letters of PEA are Debits, and the last 3 RLS are credits!<BR><BR>So if you can remember your PEARLS you should be able to get your head around the entries!<BR><BR>Tracy
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Advice would b much appreciated

    Suebee<BR><BR>The way I always rememberd it was:<BR><BR>D E A R (DR) C L I P (CR)<BR><BR>Dear<BR>Debtors<BR>Expenses<BR>Assets<BR>Royalties<BR><BR>Creditors<BR>Liabilities<BR>Income<BR>Provision<BR><BR>I found it valuable, hope it helps you too.<BR><BR>Littledoe
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Advice would b much appreciated

    Hi Tracey and Littledoe,<BR><BR>Thanks v.much for your advice i think i can crack it now and get it sent off. I just find some double entry postings so hard to get my head round !! I'm still waiting for the penny to drop i think.<BR>Thanks again - i'll go and crack on.<BR><BR>Suebee<BR>

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