Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie
Hi there,
There is an issue with role permissions that is being worked on at the moment.
If you are having trouble with access or permissions on regional forums please post here to get access: https://www.boards.ie/discussion/2058365403/you-do-not-have-permission-for-that#latest

double entry

  • 16-10-2009 9:00am
    #1
    dhorgan3
    Closed Accounts Posts: 88 ✭✭


    Lads is there any simple formula to remember my debits and credits?

    Please help

    exam coming up

    cheers


Comments

  • #2
    maddogcollins
    Registered Users, Registered Users 2 Posts: 998 ✭✭✭maddogcollins


    Dr Bank
    CR Sales

    Dr Expenses
    Cr Bank

    I try to remember it by the D in Debit..Always think we Deposit a sale into the Bank so Debit the bank account and then it flows from that..

    For Balance Sheet

    Creditors/Liability will always be Credit
    Debtors/Assets will always be Debit

    Hope that makes sense!


  • #3
    dhorgan3
    Closed Accounts Posts: 88 ✭✭dhorgan3


    yes it does..

    So basically,

    increase in an asset/expense DR
    Decrease in an asset/expense CR

    Increase in income/liability CR
    Decrease in income/liability DR

    Hope so:)


  • #4
    maddogcollins
    Registered Users, Registered Users 2 Posts: 998 ✭✭✭maddogcollins


    dhorgan3 wrote: »
    yes it does..

    So basically,

    increase in an asset/expense DR
    Decrease in an asset/expense CR

    Increase in income/liability CR
    Decrease in income/liability DR

    Hope so:)


    Yup thats exactly it


  • #5
    dhorgan3
    Closed Accounts Posts: 88 ✭✭dhorgan3


    cheers Maddog


  • #6
    mwalsh7
    Registered Users, Registered Users 2 Posts: 75 ✭✭mwalsh7


    DEBIT..........CREDIT
    ASSET.........LIABILITY
    EXPENSE.....INCOME


  • Advertisement
Advertisement