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Debits & Credits??

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  • 06-01-2013 5:11pm
    #1
    Dietsquirt
    Closed Accounts Posts: 676 ✭✭✭


    I have my 3rd Year of College Accounting exam tomorrow and a compulsory question is to do a 'Trading Profit and Loss Account & Appropriations and Balance Sheet'.

    I have a pretty good command of it but i rarely get it to balance, i'm usually 200/300 out. There's a couple of entries in the additional notes that i reckon i'm doing wrong.

    If there's any accounting heads out there that can give me the 2 entries for the following (i.e where in the P&L and where on the balance sheet) they go, that'd be a great help.

    Thanks:

    i) The provision for Doubtful Debts is to be increased by 300
    ii) A provision is to be made for preference share dividend
    iii) A final ordinary share dividend of 30 cent per share is proposed
    iv) Distribution Costs have been prepaid
    v) PAYE & PRSI due at the end of the year amount to 4000


    NB: I assume 'provision for bad debts' is the same as 'provison for doubtful debts'


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