accounting double entry

paid for machine

debit machinery

credit cash

paid for repair expense

debit repair expense

credit cash

not sure if the company can pay(impairment loss)

debit impairment loss

credit allowance for impairment loss

confirm cant collect back money due to bankruptcy

debit allowance for impairment

credit accounts receivable

tax invoice issued to customer

debit account receiv

credit sales rev

record payment after customer paid

debit cash at bank

credit acc receiv

received tax invoice from supplier

debit inventory

credit acc payable

payment to supplier for inventory

debit acc payable

credit cash

buy equipment n paying later

debit refrigerator

credit acc payable

payment for office expense (months later)

debit office expense

credit acc payable

taking a loan to buy building

debit building

credit mortgage loan

when paying back for the building(loan)

debit interest expense and mortgage loan

credit cash

PnL consists of?

SnD,GnA,financial expense

balance sheet consists of?

CA,NCA,CL,NCL

what is advertising under

SnD

what is salaries for STAFF under

SnD

what is salaries for office admin under

GnA

What is inventory under

CA

what is audit fees under

GnA

what is accumulated depreciation under

NCA

what is interest expense under

SnD

say the whole flow frm pnl to balance sheet

sales minus COSG to get gross profit

gross profit minus SnD and GnA

get net profit before tax,add net profit to be net profit after tax

retained profits 1 jan plus net profit to get retained profits 31 dec

issued share captial plus retained profits to get total shareholder equity

CA-CL + NCA-NCL

whats captial exp

benefit the business for more than one accounting period

whats revenue exp

beenfit the biz only in current period

depreciation method

ori cost minus est residual value over estimated useful life