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Alternative Plan for 5th Year Accounting

Maura Fehily

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K W L

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3rd Year StudentsT/Y Students

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Alternative Plan( Use the hyperlink plans)Double Entry/Trial BalanceTrading, Profit & Loss and Balance SheetIncomplete RecordsService a/cClub a/cDepreciationBank ReconciliationControl a/c

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What is a transaction?

Picture

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2 PEOPLE INVOVEDRECEIVER GIVER

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Debit CreditRECEIVER GIVER

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5th Year Worksheet September 20141. Sold goods for 200€ cash Debit________ Credit________2 Bought goods for 2,000€ bank Debit________ Credit________3 Purchased goods on credit 2,100€ from Mary Murphy Debit________ Credit________4 Purchased goods on credit 6,200€ from Sophie O’Brien Debit________ Credit________5 Sold goods for 1,200€ on Credit to Pat Dunne Debit________ Credit________

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sportDebitAssetsExpensesPurchases

€ CreditLiabilitiesGainsSales

€

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Similarities

Club/Service/BusinessAccumulated Fund/CapitalCash/BankFinal Accounts

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AdjustmentsExpense a/c (Stationary a/c)

Opening BalanceBankCash Balance b/d

€ 25 100 125 250 230

PrepaidClosing Balance c/d

€ 20 230 ___ 250

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