trial balances hhheelllppp
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hi all.....<BR><BR>i cant seem to get my head around the credit and debit balances...<BR><BR>am i right in thinking that <BR>debit balance=assets or expenses<BR>credit balances=liabilities or profit<BR><BR>cheers again<BR><BR>rob<BR>
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trial balances hhheelllppp
Hi Rob<BR><BR>Think PEAD for debits where<BR>P = purchases<BR>E = Expenses<BR>A = Assets<BR>D =Debtors & Drawings<BR><BR>SILC for credits where<BR>S = Sales<BR>I = Income<BR>L = Liabilities<BR>C = Creditors & Capital<BR><BR>Linda0 -
trial balances hhheelllppp
I tend to use the following to help me remember:-<BR><BR>Dr<BR>Expenses (P&L)<BR>Assets (B/S)<BR>Drawings (B/S)<BR><BR>Cr<BR>Liabilities (B/S)<BR>Income (P&L)<BR>Capital (B/S)<BR><BR>Hope this helps<BR><BR>0 -
okey dokey
thats top banana <BR><BR>cheers all the best0 -
Another One
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>Jo0 -
trial balances hhheelllppp
hi although you 've had loads of great replys already and just to make you head explode i've been taught to remember debit ape and credit crill which i must say is easy to remember <BR>Debit side<BR>A-assets (stock cash vans etc)<BR>P-purchases<BR>E-expenses(materials, insurance,rent, stationary,discount allowed etc)<BR><BR>Credit side<BR>C-capital<BR>R-revenue(sales)<BR>I-income(discount received, rent received, etc)<BR>L-liabilities(overdrawn bank,loans.VAT,)<BR> hope this helps<BR>ali0