Double entry exam grinds

king_of_inismac

Hey guys,

My sister is doing that online double entry exam. Anyone here interested in giving grinds in the Galway area?

Thanks,
M

What exam are you talking about?

If she really needs help and can't find anyone I'd do it.

I don't spend all day every day doing entries like that (I only do about 15 - 20journals at quarter end) but I have a decent grasp of it.

Edit: Also I have no formal teacher training or materials.

Hanley

Double entry's fairly straight forward...

Balance Sheet;

To increase an asset, debit it.
To reduce an asset, credit it.

To increase a liability, credit it.
To reduce a liability, debit it.

Eg you buy a car;

Dr Motor Vehicles (increasing the asset)
Cr Bank (accounting for the payment and decreasing the asset)

Eg you pay a creditor;

Dr Creditor (reducing your liability)
Cr Bank (reducing the amount of money you have in the bank/your cash asset)

For the profit and loss;

Debits = money out/expenses
Credits = money in

Sale:
Dr Bank or Debtor
Cr Sales

Purchase;
Dr Purchases
Cr Bank or Creditor

Expense (like phone bill):

Dr Expense Account
Cr Bank or Creditor

If there's specific transactions she needs help with, get her to post them here.

king_of_inismac

Thanks for the replies guys.

She's doing the ACA Online double entry exam.

Thanks for the detailed reply Hanley. She's fairly comfortable with that material.

She's only failed by one mark before, so I think she's looking for someone with specific experience with that exam.

king_of_inismac

king_of_inismac wrote: »

She's only failed by one mark before, so I think she's looking for someone with specific experience with that exam.

That's not me so.

Hackysack

Yeah I know a fair few people who've done this exam. I've had a look at the questions and they seem pretty intense and complicated. It's not exactly your run of the mill stuff.

I know if I had to sit it now, i'd def fail it. Best of luck to your sis.